Trump announces additional 10% tariffs on Chinese goods

On the 25th local time, US President-elect Trump said that a 25% tariff would be imposed on all products entering the United States from Mexico and Canada. In addition, Trump also announced that an additional 10% tariff would be imposed on Chinese goods. In an interview last year, Trump proposed a 10% general tariff on all imported goods. In November this year, a study by the National Retail Federation (NFR) pointed out that if Trump's new tariff plan is implemented, American consumers may lose up to $78 billion in annual spending power. The study shows that these tariffs will affect consumer categories such as clothing, toys, furniture, electrical appliances, footwear and travel goods. (Jinshi)