Face masks available
It (tentatively) looks like it. On Friday, October 11th, President Trump announced that the tariff increase set to go into effect October 15th will be delayed, after the United States and China reached what Trump calls “a very substantial Phase 1 deal.”
What's Going On
As of August 23rd, China responded to the United States’ tariff increase plan by imposing a tariff increase of their own. According to China’s Minister of Finance, a 5% or 10% tariff increase, depending on the type of good, will go into effect September 1st on approximately $75 billion of American-made imports. China also announced that there would be a second round of tariff increases starting December 15th, including a reinstatement of the tariff on automobiles and parts from the United States.
On Sunday, the products on list 4a, including cotton and wool socks, will be affected by a 15% tariff instead of a 10% tariff. While the products on list 4b are slated to receive the same increase on December 15th, that number isn’t set in stone, as the United States and China seem to be in a stage of escalation, leading into proposed negotiations next month.
Need a handy way to remember what will be affected? Take a look at these charts.