Goods imported from China now face a 54% tariff rate — and possibly higher
Goods imported from China now face a 54% tariff rate — and possibly higher
China, one of the largest U.S. trading partners, faces fresh duties of 34% on top of existing 20% rates.
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You guys seen the entire list?
This is the king demanding tribute from ALL his vassals.
Won't it be the Americans paying for the higher priced goods?
Yes it is, but because Americans will be broke and unable to buy things, it will hurt suppliers and their host countries too. As in "we're not gonna buy your stuff until you do what we want".
The situation for Australia is just plain nutty. Trump wants us to start importing American beef, and undo our federal pharmaceutical procurement thing, or endure a 10% tariff.
The thing is we don't export much to the US and there are other markets for our products. Also, we are pretty happy not having a US style health system thanks.
To expand on that further, the reasons why we don't import US beef are 1. we produce more than enough for ourselves and 2. most importantly we do not have mad cow disease in Australia, whereas the US does. US beef is a biosecurity risk, which we take very seriously.
our federal pharmaceutical procurement thing
It's called the Pharmaceutical Benefits Scheme, and it's basically the government being the single buyer for pharmaceuticals and then subsidising the cost to Australians. Big pharma hates it because if the government thinks they're ripping us off we just won't buy it and they'll basically be shut out of the Australian market. The government also will only buy drugs that are proven to be effective, so they can't unload useless junk or derivatives that are more expensive but otherwise the same
Did you think the comment meant someone else?