Escalation: Trump has decided to impose tariffs on $200 billion in Chinese goods

 President Donald Trump has decided to impose tariffs on $200 billion worth of Chinese goods, two people briefed on the decision said, one of the most severe economic restrictions ever imposed by a U.S. president. An announcement is expected to come within days, the people said, speaking on the condition of anonymity because they were not authorized to discuss internal plans. The new tariffs would apply to more than 1,000 products, including refrigerators, air conditioners, furniture, televisions and toys. These penalties could drive up the cost of a range of products ahead of the holiday shopping season, though it’s unclear how much. Trump has ordered aides to set the tariffs at 10 percent, which is likely to lead to higher prices for American consumers. The tariffs are paid by U.S. companies that import the products, and the companies are likely to pass the costs along to U.S. consumers in the form of higher prices. The United States imports roughly $500 billion worth of Chinese goods each year, and – combined with existing tariffs – these new penalties would cover half of all goods sent to the United States from China...MORE