December 9, 2019 – With less than one week to go before new punitive tariffs are imposed between the two countries, global trade is holding is collective breath over what will happen in the next week. As a recap, the US has already imposed tariffs of 15% on Sept. 1, in a list mostly of consumer products that includes flat panel television sets, flash memory devices, power tools, cotton sweaters, bed linens, multifunction printers and some footwear. China imposed its own tariffs on soybeans, beef, pork, seafood, LNG and whiskey. An additional round of 15% U.S. tariffs is also scheduled for Dec. 15. This list covers about $156 billion worth of total 2018 imports from China, based on U.S. Census Bureau data, and includes a wide range of other consumer goods, from plastic tableware and light-emitting diode lamps to clothing. If fully adopted, U.S. tariffs proposed and already levied will cover virtually all imports from China, worth about $550 billion, by Dec. 15. Needless to say, this will have an extraordinary effect on global trade.