Tariff Collection Bolstering Economy

September figures for US import tariffs reached $7 billion. This marked a 9 percent hike from the month before and 59% jump year on year.  Trade Partnership – in conjunction with the Commerce Department – compiled the data which was released by the business/agricultural group collation, Tariffs Hurt the Heartland.

Tariffs have been collected by America historically but not on all items.  Now they are even heavier though.  Trump’s argument is that they are needed to get China to curtail the practices it is engaged in with its tariffs that excoriate companies in America.

Earlier this month, a Chinese Commerce Ministry spokesperson, Gao Feng said:

“Over the past two weeks, the two negotiating teams had serious and constructive discussions and agreed to remove the additional duties imposed on each other’s products in different phases after they make progress in reaching a deal. Both sides should simultaneously undo existing additional tariffs in the same proportion to reach phase one deal, and that is an important condition for signing a preliminary agreement. As for how much of the tariffs should be removed, the two countries can negotiate based on the content of the phase-one deal.”

It has also been reported from the White House that there is optimism surrounding the likelihood of the two sides “reaching an agreement soon.”