In the latest announcement, the Trump Administration plans to collect on over $200 billion in tariffs from China imports. What does that mean for China, What does that mean for the United States, moreover, what does that mean for the retail industry and its consumers?
The latest announcement of $200 billion comes in addition to the $50 billion already in place and comes ahead of what could be another $267 billion in tariffs on imports from China—which would cover virtually all of the product the U.S. brings in from its Asian trade foe.
While some textiles will be spared from the tariffs, the new list does target some textiles and machinery, plus handbags, hats. More specifically, apparel and clothing accessories made of leather, fur, plastic, rubber, and hooks, eyes and eyelets used for clothing, footwear, handbags and travel goods are some of the products hit with the latest tariffs.
Based on the latest tariffs, the National Retail Federation (NRF) pointed to major pain points for the coming holiday season. “With these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched,” NRF president and CEO Matthew Shay said. “We cannot afford further escalation, especially with the holiday shopping season right around the corner. The mere talk of tariffs on all remaining Chinese imports is of serious concern to retailers since tariffs of that magnitude would touch every aspect of American life.”
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