US companies paid $ 1 billion more than the tariffs on technology products imported from China in October compared to a year earlier, with the entry into force of new duties imposed by the Trump administration.
Tariff costs have increased seven-fold to $ 1.3 billion, as the two largest global economies have been involved in a commercial war, according to data from the Consumer Technology Association and analyzed by the consulting firm The Trade Partnership. President Donald Trump has imposed customs tariffs for $ 250 billion on Chinese imports since the beginning of July. The duties were implemented in three tranches, the last of which was applied to $ 200 billion of assets and entered into force on 24 September. A new round of talks between the two governments has raised hopes for a lasting truce. After Trump met President Xi Jinping in Buenos Aires on December 1, the United States agreed to postpone the $ 200 billion import increase from 10% to 25%. US Representative Robert Lighthizer is conducting negotiations to reach an agreement on "structural changes" for the Chinese economy by March 1. Technology products now subject to higher rates include everything from printed circuit boards to computer servers and vacuum cleaners. Apple Inc. has so far avoided the tariffs on popular products that it produces in China, such as iPhone and Apple Watch.
Tariff costs have increased seven-fold to $ 1.3 billion, as the two largest global economies have been involved in a commercial war, according to data from the Consumer Technology Association and analyzed by the consulting firm The Trade Partnership. President Donald Trump has imposed customs tariffs for $ 250 billion on Chinese imports since the beginning of July. The duties were implemented in three tranches, the last of which was applied to $ 200 billion of assets and entered into force on 24 September. A new round of talks between the two governments has raised hopes for a lasting truce. After Trump met President Xi Jinping in Buenos Aires on December 1, the United States agreed to postpone the $ 200 billion import increase from 10% to 25%. US Representative Robert Lighthizer is conducting negotiations to reach an agreement on "structural changes" for the Chinese economy by March 1. Technology products now subject to higher rates include everything from printed circuit boards to computer servers and vacuum cleaners. Apple Inc. has so far avoided the tariffs on popular products that it produces in China, such as iPhone and Apple Watch.
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