US firms and consumers paying price of tariffs, warn experts

Maine's lobster industry, which employs well over 15,000 people and is worth around US$1 billion (S$1.36 billion) a year, has been hit hard by retaliatory tariffs from China in the trade war between Washington and Beijing.
Maine's lobster industry, which employs well over 15,000 people and is worth around US$1 billion (S$1.36 billion) a year, has been hit hard by retaliatory tariffs from China in the trade war between Washington and Beijing. PHOTO: EPA-EFE

Exporters, manufacturers steel themselves for China's retaliatory action after US tariff hikes

American exporters and manufacturers are bracing themselves for more tariffs as the trade war between the United States and China is set to deepen, with Beijing expected to retaliate against the latest tariff hike on Chinese goods, from 10 per cent last September to 25 per cent.

The hike took effect at noon yesterday Singapore time.

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A version of this article appeared in the print edition of The Straits Times on May 11, 2019, with the headline 'US firms and consumers paying price of tariffs, warn experts'. Print Edition | Subscribe