In escalating trade war, US consumers may see higher prices


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SOURCE: https://apnews.com/60f934ba84e444079b84772e4b24bca4
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Summary

WASHINGTON (AP) — The United States and China on Sunday put in place their latest tariff increases on each other’s goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season.President Donald Trump said U.S.-China trade talks were still on for September. “But I do think that the uncertainty caused by volatile tariff situation and this developing trade war could jeopardize that strength, and that growth, and that is, I think, that’s a legitimate concern,” he told ABC’s “This Week.”As a result of Trump’s higher tariffs, many U.S. companies have warned that they will be forced to pass on to their customers the higher prices they will pay on Chinese imports. It’s a double-edged sword,” he said.To try to force Beijing to reform its trade practices, the Trump administration has imposed import taxes on billions of dollars’ worth of Chinese imports, and China has retaliated with tariffs on U.S. exports.“It’s a good thing taking on China.

As said here by CHRISTOPHER RUGABER