Tariffs on tech costing US$1B a month: report

W A SHINGTON U.S. companies paid US$1 billion more in tariffs on technology products imported from China in October than a year earlier, as new duties imposed by the Trump administration took effect.

The tariff costs rose more than seven-fold to US$1.3 billion, as the world’s two biggest economies became embroiled in a trade war, according to data provided by the Consumer Technology Association and analyzed by consulting firm The Trade Partnership.

U.S. President Donald Trump has imposed tariffs on US$250 billion in Chinese imports since early July. A new round of talks has raised hopes of a lasting truce. U.S. Trade Representative Robert Lighthizer is leading talks to reach a deal with China by March 1.