Detroit Bikes, a rare domestic maker of bicycles, could see business increase as a result of increased U.S. tariffs on Chinese bikes. But imported parts it relies on are also subject to higher taxes.
The Trump administration has reached a deal to lift tariffs on metal imports from Canada and Mexico, in a move that could make it easier to ratify the USMCA trade pact.
The Trump administration announced Friday that it will delay tariffs on cars and auto parts imports while it negotiates trade deals with Japan and the European Union.
The latest round of tariffs on Chinese imports is expected to hit more products U.S. consumers actually buy, and businesses say they have no choice but to pass the added costs on to consumers.
U.S. tariffs on $200 billion worth of Chinese consumer and business products increased to 25% from 10% on Friday morning, raising the stakes between the world's two largest economies.
The Dow Jones Industrial Average and other major stock indexes plunged Tuesday after Trump administration officials accused Beijing of reneging on commitments it had already made in the talks.
China and the U.S. are scheduled to continue trade talks in Washington this week, but U.S. officials go into the negotiations accusing China of "reneging" on its commitments.
The Trump administration is preparing tariffs on billions of dollars in imports from Europe in retaliation for subsidies of Airbus jets. The levies would hit products ranging from aircraft to wine.