The US-China trade war could hit these consumer goods
There are some things parents can’t avoid buying.
The U.S. increased tariffs on $200 billion of Chinese goods to 25% from 10% Friday, following three rounds of tariffs last year. They account for roughly 50% of all Chinese exports to the U.S. on everything from hats to toys. The Chinese government retaliated Monday. Starting June 1, China said it will also raise tariffs to as high as 25% on about $60 billion worth of U.S. imports, involving around 5,000 products from frozen fruits to vodka.
Many consumer goods manufacturers and retailers were taken aback by the news. “The tariff increase inflicts significant harm on U.S. industry, farmers and consumers,” Jacob Parker, vice president of the U.S.-China Business Council trade group, said in a statement. “It will decrease the competitiveness of American companies, reduce the efficiency of their global supply chains, and reverberate through the U.S. economy. Pure and simple, this is a tax on the American consumer.”
Francine Lamoriello, executive vice president of global strategies at the Personal Care Products Council, the trade association for America’s cosmetics and personal care products industry, said products like soap, manicure items and deodorant were all on the list goods affected by the tariffs — and all “part of the daily lives of American consumers.” China’s retaliation, announced Monday, ”makes our products that less interesting,” he said.
https://www.msn.com/en-us/money/markets/the-us-china-trade-war-could-hit-these-consumer-goods/ar-AABbBfF?li=BBnb7Kz
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