US starts charging steeper tariffs on Chinese goods

Saturday, 1 June 2019 12:16

The USA has started collecting steeper tariffs on Chinese goods that arrive by sea.

It's the latest development in what is becoming an increasingly bitter trade war between the two countries.

Since last month, the US began imposing a tariff increase on a USD $200 billion list of Chinese goods

However US President Donald Trump allowed for a grace period specifically for maritime cargo that left China's ports before May 10.

But that deadline expired at 12:01 a.m. EDT on Saturday.

That means all border protection authorities are now collecting the new, increased 25 per cent tariff rate at all US ports.

More from Business

LVMH to sell Marc Jacobs to WHP Global, G-III as buyers raise $850 million

French luxury group LVMH has agreed to sell fashion brand Marc Jacobs to a joint venture between brand manager WHP Global and apparel company G-III Apparel Group, which are raising up to $850 million to fund the deal, the companies said on Thursday.
India caps duty-free gold imports for jewellery exporters to curb demand

India on Thursday tightened rules for duty-free gold imports for jewellery exports by capping imports at 100 kg per licence, the government said in an order.
Warsh wins confirmation as Fed chair, with inflation on the march

The US Senate on Wednesday voted to confirm Kevin Warsh as the chair of the Federal Reserve, paving the way for the lawyer, financier and former central-bank governor to take the reins of the Fed.
Dubai Taxi Company to acquire National Taxi

Dubai Taxi Company (DTC) has announced a major expansion deal, signing an agreement to acquire National Taxi, one of the UAE’s established taxi operators, in a transaction valued at AED 1.45 billion.