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China unveils new tariffs on U.S. Here’s what it means for you

The new tariffs will slam the U.S. as the country faces warnings signs of a potential recession.

China’s benchmark Shanghai Composite index dives on Trump threat of more China tariffs.
A Chinese investor watches as the Shanghai Composite Index falls at a brokerage In Beijing on Monday, May 6, 2019.
Ng Han Guan, Associated Press

SALT LAKE CITY — China unveiled a new round of tariffs on Friday on $75 billion worth of U.S. products in what was the latest move between the U.S. and China, according to The Washington Post.

The new tariffs will slam the U.S. as the country faces warnings signs of a potential recession.

China’s import taxes will range from 5 to 10 percent and will take effect on Sept. 1 and Dec. 15, which are the same dates that Trump’s tariffs on $300 billion of Chinese goods will take effect as well, per The Washington Post.

So what goods and products will the taxes be levied on? Well, according to CNN, the 5% and 10% tariffs will impact soybeans, coffee, whiskey, seafood and crude oil.

In the first round effective Sept. 1, the tariffs will hit on seafood, fish, crab, shrimp, fruit and nuts. Other tariffs will be beef, chicken, potato, wheat, soybean and steel, according to CNN.

Then there will be a 5% tariffs on cream, turkey and chemicals.

Then, on Dec. 15, a 10% tariff will hit on coffee, corn, caviar, cars, buses, scooters, bikes and cars. Then another 10% will impact motorcycles and cars. There will also be a 5% tariff on whiskey, cigars, wood, floors, doors, clothing, CDs, TVs, lights, pens and car parts, according to CNN.

So what does this all mean for you? Well, Trump’s tariffs on Chinese goods will cost Americans about $1,000 per year, according to CNBC.