China, U.S. tariffs are now in effect

The tariffs are here.

Trade teams from the U.S. and China will reportedly meet in September in the hopes of inching closer toward a deal between Beijing and Washington, but tariff increases on $112 billion in certain Chinese goods still went into effect Sunday at midnight, as planned. The tariffs will make it 15 percent more expensive for U.S. companies to import many Chinese goods, including televisions and footwear, though some tariffs have been delayed until after the holiday shopping rush. The newest round of tariffs are consumer-focused and will reportedly cost the average American household $1,000 per year.