Business

Extra tariffs on Chinese imports will cost Americans $18 billion-a-year, retail group warns

The worlds largest retail trade association has urged the Trump administration not to impose additional tariffs on China as it would make Americans pay another $18 billion-a-year for various products, from footwear to furniture.

The worlds largest retail trade association has urged the Trump administration not to impose additional tariffs on China as it would make Americans pay another $18 billion-a-year for various products, from footwear to furniture.
The proposed new levies – of up to 25 percent – on $300 billion worth of Chinese goods that US President Donald Trump is threatening, will include everyday products purchased by “every American household,” the US-based National Retail Federation (NRF) said.

Also on rt.com Books vs Bucks: Trumps China tariffs may result in a crippling Bible tax, publishers warn

The groups new study, released earlier this week, showes the scale of the problem. It reports that the tariffs would add $4.4 billion to the costs of apparel, $2.5 billion more to footwear, $3.7 billion more for toys and $1.6 billion more for household appliances each year; and all this will fall upon American consumers.

This comes in addition to NRFs previous gloomy calculations that 25 percent tariffs on furniture and travel goods would cost American consumers nearly $6 billion annually. Thus, the total extra costs could total $18.2 billion.

Read more

Easier & quicker: Trump says tariffs are actually better than deal with China

“For most of the consumer products on this list, there are very few alternative sources of supply,” NRF Senior Vice President of Government Relations David French said. He added that all companies cannot move sourcing to other countries at once, forcing the retailers to “pass on higher costs to their customers” while still dealing with Chinese suppliers.

The United States Fashion Industry Association (USFIA) also thinks that there no other viable alternative to Chinese suppliers for now. The organization reportedly estimated that additional levies would certainly increase retail prices on clothing and home textiles, costing American consumers $4.9 billion each year. For example, a family of four would pay an additional $60 annually just on clothing, according to USFIA.

The two worlds biggest economies have been embroiled in a full-fledged trade war for almost a year, after Trump slapped Beijing with 25-percent tariffs on $50 billion-worth of Chinese technology goods, drawing a reciprocal response from China. There have been several rounds of tit-for-tat tariffs since then, with the latest tariff hikes imposed by Washington in May and Beijing striking back on June 1.

“Its time to reevaluRead More

Related Posts