A 15% tariff will be applied to over 40% of all consumer goods imported from China, impacting around $109 billion worth of annual imports. Another $155 billion of goods will be tariffed on December 15, and therefore nearly everything imported from China.
According to Yahoo Finance, President Trump has already imposed 25% tariffs on $250 billion worth of Chinese products used in production, leading to price increases. With the September 1 tariff, the implications of Trump’s trade war will cost $1,000 annually for the average U.S. household.
The main product categories subject to the new tax are: electronics, clothing and footwear, plastic products, leisure products, and furniture. Price increases on these items will not impact consumers immediately, as many importers have been stockpiling Chinese imports ahead of the new tariffs.
China has raised its own tariffs on U.S. imports in response to Trump’s actions, and has ceased importing several American goods such as soybeans. These tariffs alone are not enough to cause a recession, but will likely slow overall economic growth and reduce consumer confidence over the long term.