Effective August 22, the US is imposing 25% tariffs on 279 product categories from China, including semiconductors, plastics, chemicals, railway equipment, etc. Supply chains of American businesses from this day onward will be affected by cost increases due to the new tariff. It remains to be seen to what extent the cost increases will be passed along to consumers. In my opinion, higher prices are inevitable.
China retaliated by applying new 25% tariffs on 333 product categories from the USA, including coal, copper scrap, fuel, steel products, buses, medical equipment, etc.
US Commerce Secretary Wilbur Ross said about China: They're not going to give that up easily. Naturally they'll retaliate a little bit. But at the end of the day, we have many more bullets than they do.