Higher U.S. tariffs now in effect on imports from China

Overshadowed by a massive hurricane threatening the Atlantic seaboard and the aftermath of another mass shooting in Texas, new tariffs from the U.S. went into effect on thousands of items imported from China on Sunday, as the President made clear he's not backing away from his actions which have helped spur a trade spat with the Chinese.

"We'll see what happens," the President told reporters on Sunday as he returned from two nights at Camp David.

"We are talking to China. The meeting is still on, as you know, in September. That hasn’t changed. They haven’t changed and we haven’t," Mr. Trump added.

Not only are these new tariffs going into effect at 15 percent, instead of 10 percent, but a second round of tariffs slated for later this year still hang over any negotiations, which would go from 25 to 30 percent.

While President Trump says the tariffs on Chinese goods have brought in as much as $100 billion, the number may be closer to $20 billion, as U.S. importers and consumers are likely  to be the hardest hit in coming months.

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