How tariffs on Chinese imports are impacting the local economy
How tariffs on Chinese imports are impacting the local economy
This isn’t the first round of tit-for-tat actions between the two countries. China and the U.S. engaged in an escalating trade war in 2018, when Trump repeatedly raised tariffs on Chinese goods and China responded each time. FOX 5 NY's Richard Giacovis has the details.
Chinese-made products coming to the U.S. such as cellphones, TVs, and computers are now facing a 10% tariff.
However, if you are looking to buy any of these items, you still have some time before prices go up.
When can sales slow down?
Big picture view:
With Super Bowl weekend fast approaching, you may be trying to find the place with the biggest TV screen. Well, some are on sale at P.C. Richard’s on the Upper West Side, but these sales could slow come spring if that tax on China stays in effect.
"China doesn't want me to say, well, now you added 10% to the TV. I'm not going to buy a TV anymore. That hurts their economy. So I think sometimes we see them lower the price so that I still buy that product," Taylor Riggs, co-host of "The Big Money Show" said.
Most of these TV brands, LG, Samsung, Sony are either manufactured in China or are housed in the country before being shipped to the United States.
Experts say although there’s no reason to panic yet, the price of your next TV could become more expensive. All the more reason why a strong economy is imperative to keeping costs down.
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"The dollar is strengthening on this. So my dollar goes a lot further today than it did yesterday. I can buy more with the cost of a dollar than I could yesterday. That's good. That offsets the inflationary impact," Riggs said.
Riggs, who co-hosts The Big Money Show on the Fox Business network, says companies will do their best to adjust before passing the buck to consumers. Either shifting manufacturing or absorbing some of the cost.
"We're going to have to see again which manufacturers have the most exposure. Are they 100% made in China? Remember after COVID, you know, supply chains are diversified. We now no longer only make things in China," Riggs said.
Experts say if these tariffs stick, television prices could spike in the spring. So if you’re thinking of buying, do it now.
China retaliates with tariffs

China announced on Tuesday retaliatory tariffs on select American imports, which are set to go into effect on Monday, Feb. 10.
By the numbers:
Here are the tariffs announced on Tuesday by China:
- 15% tariff on coal
- 15% tariff on liquefied natural gas products
- 10% tariff on crude oil
- 10% tariff on agricultural machinery
- 10% tariff on large-engine cars
The backstory:
This isn't the first trade spar between the U.S. and China.
The two countries engaged in an escalating trade war in 2018 when Trump repeatedly raised tariffs on Chinese goods and China responded each time.
Analysts say that China is much better prepared to counter this time around, but is also wary about taking steps that could upset its own fragile and heavily trade-dependent economy.
Trump has said he was enacting the latest tariffs to take greater action against illegal drugs. China faced the additional tariff due to its role in the making and selling of fentanyl, the Trump White House said.
What's next:
Trump planned to talk with Chinese President Xi Jinping in the next few days.
Trump’s talks with Mexico and Canada are also set to continue over the next month.
The Source: Information in this article was taken from The Associated Press, which has reporters in Beijing. Background information was taken from previous FOX Television Station reportings. This story was reported from Detroit.