Economist Laurie Laird says China’s retaliatory tariffs build on existing ones, raising prices of US imports by nearly 50 percent. #Tariffs #China
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00:00But this 34% that China announced, this is 34% on top of tariffs that were already existing.
00:07So that puts the effective tariff rate of U.S. exports to China at close to 50% on average.
00:16And some of these exports come from constituents that have tended to be pro-Trump, like farmers.
00:23China's very dependent on U.S. soybeans.
00:26These are going to be 50% more expensive next week.