Retailers howl as U.S. trade agency locks in 15% tariffs on September 1

[Zorro]

Source: Reuters

The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15, prompting hundreds of U.S. retail, footwear, toy and technology companies to warn of price hikes.

The U.S. Trade Representative's office said in an official notice that collections of a 15% tariff will begin at 12:01 a.m. EDT (0401 GMT) Sunday on a portion of the list covering over $125 billion of targeted goods from China.

This initial tranche includes smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear.

U.S. Customs and Border Protection will also start collecting a 15% tariff on Dec. 15 on the remainder of the $300 billion list, including cellphones, laptop computers, toys and clothing, USTR said in the Federal Register filing.

Read more: https://finance.yahoo.com/news/u-trade-agency-affirms-trumps-142112350.html

[bucolic_frolic]

1. Price hikes will reduce sales

so retailers will have to makeup the tariffs on lower volume, meaning prices higher than anticipated.

It's going to be a great Trump recession.

[Freethinker65]

2. Employee hours already being cut in retail at an upscale mall near me

[Kittycow]

3. Yay Christmas profit margins!

[Sherman A1]

4. This does not bode well

and the story of a second trucking company shutting down within 24 hours is very concerning.

[jpak]

5. The Trump University Back to School Special

[dchill]

6. We must all sacrifice for our Deer Leeder.

[keithbvadu2]

11. Dial it back dude

Dial it back dude

[dchill]

19. OMGROTFL!

That's perfect.

[Lonestarblue]

7. I was in a well-known retail department store today.

It was practically empty. I saw one other shopper. Between Amazon and Trump’s tariffs, the retail sector is having big problems. Trump’s tariffs will drive us into recession faster.

[Wellstone ruled]

14. Wednesday's are the poorest

retail traffic days of the with the exception of Utah and Idaho. Monday at one of the Major's was a total dead traffic day. Retail Friends are seeing their hours cut do to lack of foot traffic. Usually,this is staff up time in Retail.

[Marthe48]

21. I got my s.s. check and went shopping Wed. and Th.

I figured it would be quiet because school is starting, but it is really quiet. I thought it would be busier because of the holiday coming up and also Fair Week, but really not busy at all.

[paleotn]

8. Curtail demand at the tail end of an expansion....

Smart.

[keithbvadu2]

9. Billion$ in new Trump taxes.

[world wide wally]

10. Mexico will pay for it.

[rickford66]

12. Wont there be black markets popping up?

Not giving anyone ideas.

[TeamPooka]

13. Merry Christmas season retailers and consumers, from Donald Trump.

[CottonBear]

15. I've been thrift store & antique booth shopping for unique vintage gifts for Christmas.

I’m saving money for my kid’s braces, my dental work, major plumbing repairs, and car maintenance and repairs. We might buy a necessary new laptop for the family while back to school sales are still in effect.

We are only spending on essentials and absolutely necessary repairs.

[Dawson Leery]

16. Good old classical conservatism...

...never worked and never will.

[PatrickforO]

17. Well, watch the market tank on this news.

Seventy percent of our economy is based on consumption. You put a 15% tariff on Chinese imports and you ruin Christmas for millions of US families, not to mention retailers.

Oh, boy, Wall Street is going to scream on this one too. Of course the greed-heads will sell short, but sane people will realize this is a really bad thing, based on a really stupid policy.

That and the giant tax cut for billionaires and corporations that has basically busted the budget and ballooned the national debt.

Our person, whoever we elect, is going to inherit a real shit show of a mess to clean up.

There need to be trials for some of these criminals, starting with the orange maggot.

[durablend]

18. So...much...winning

How can any of you stand it?

[Marthe48]

20. Another Obama success that dump is dispoiling

The only way dump can make a mark is to sandblast President Obama's achievements. The economic turnaround was one of Pres. Obama's greatest successes versus some of the toughest challenges. Leave to dump to tear it to the ground.