Tariff talk heats up again

Virtually all Chinese imports, including iPhones, shoes, and toys, could be taxed beginning Sept. 1. President Donald Trump announced Thursday he will impose 10 percent tariffs on the remaining $300 billion in Chinese products not already covered by U.S. import taxes.

Haven’t we been here before? Trump threatened similar tariffs in May but backed down after meeting with Chinese President Xi Jinping in June at the G-20 summit in Japan. Another round of negotiations this week in Shanghai failed to get the results Trump was hoping for. The president told reporters Thursday that Xi was “not moving fast enough.” Last year, the United States imposed 25 percent import taxes on $250 billion in Chinese products, and China countered with tariffs on $110 billion in American goods.