US President Donald Trump’s 10% tariffs on Chinese imports went into effect Tuesday, raising the stakes for American consumers. The move is expected to increase costs by around $40 billion this year, assuming flat imports and higher prices for goods like smartphones, monitors, and appliances.
The US imported $426.9 billion worth of Chinese goods in 2023, with computer and electronic products accounting for 30% of all Chinese imports. Key categories like smartphones, monitors, and space heaters will likely see price hikes due to the tariffs. China also accounts for about a third of textile goods imported to the US, potentially affecting clothing and bedding.
China has responded by imposing its own levies on US coal, liquified natural gas, crude oil, agricultural equipment, and some large trucks, targeting around $14 billion in goods. The move is seen as a smaller counter-measure compared to the blanket 10% import tax imposed by the US.
Experts warn that the future path of US-China trade conflicts remains uncertain, with Trump’s previous tariffs on Canadian and Mexican goods indicating room for further escalation. As the situation unfolds, consumers may face higher prices for certain products due to the ongoing trade tensions between the two nations.
Source: https://www.forbes.com/sites/dereksaul/2025/02/04/china-tariffs-heres-what-may-cost-more-in-the-us