Trump's latest tariffs come at the worst possible time for shoppers: Holiday season
President Trump tweeted Thursday that he would impose a 10 percent tax on $300 billion worth of Chinese imports — including t-shirts, toys and televisions — beginning Sept. 1. While consumers have been largely shielded from earlier tariffs, the newest round would raise prices on just about everything Americans buy. More than 60 percent of the affected items are consumer goods, according to an analysis by Goldman Sachs.
That means the price of toys will rise by about 17 percent, shoes by 8 percent, clothing by 5 percent, and furniture and TVs by 4 percent, according to a report by the Trade Partnership, prepared for the National Retail Federation. The cost of laptops and tablets, meanwhile, is expected to rise $50 to $120, while smartphones will cost an extra $70, according to the Consumer Technology Association.
Retailers say the timing couldn’t be worse. The tariffs are scheduled to go into effect just as they begin their fourth quarter, a make-or-break period that often determines whether they have a profitable year or not.
“These tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods,” David French, senior vice president for government relations at the National Retail Federation, said in a statement. “The tariffs imposed over the past year haven’t worked, and there’s no evidence another tax increase on American businesses and consumers will yield new results."
https://www.washingtonpost.com/business/2019/08/02/trumps-latest-tariffs-come-worst-possible-time-shoppers-holiday-season/?utm_term=.08e4e42054fc
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