CHINA/TARIFFS/TAXES/TRUMP AS PRESIDENT: “U.S. companies are bracing for a huge jump in costs as tariffs on $200 billion worth of consumer products and other goods from China are set to more than double on Friday [5-10-19] per President Donald Trump’s orders…U.S. stocks tumbled for a second day after the president tweeted on Sunday [5-4-19] that he would increase his 10 percent tariff to 25 percent after China tried to renegotiate certain elements of a proposed trade truce. After Friday, roughly half of the $505 billion that the U.S. imported from China would be subject to 25 percent tariffs. That will force American companies to either eat the added costs or be forced to pass it to their customers. Trump also intends to begin steps to slap a 25 percent duty on another $325 billion worth of Chinese goods. If those duties are put into place, that would essentially cover all U.S. imports — including Apple iPhones, toys and many household items — from the world’s second-largest economy.”
–Doug Palmer and Adam Behsudi, “Companies scramble to prepare for Trump’s new taxes on Chinese goods,” Politico, May 7, 2019 5:45 pm