The trade war and the harmful tariffs are weakening the US economy, hurting manufacturers and causing consumers to pay more for everyday items like shoes, sweaters and sporting equipment.The US may suspend the October 15 tariff increases on imports from China. This comes as welcome news for retailers, consumers and the global economy. Especially the decision to delay planned tariff hikes is welcome news to US retailers and consumers heading into the busy holiday shopping season. The US and China have forged a partial trade deal that would have China agree to agricultural concessions. The agreement is believed to lay the groundwork for follow-up discussions to resolve the greater issues between the two countries, which concern accusations that China has been guilty of stealing intellectual property assets from US companies.
However everything currently being hit with punitive tariffs is still being charged. This means Americans are still being burdened with an additional 25 per cent on backpacks, handbags, luggage, hats, and gloves. It also means that 92 per cent of clothing, 53 percent of shoes, and 68 per cent of home textiles imported from China continue to be charged an additional 15 per cent tariff.
