Trump’s tariff war with China will hit toys, electronics and a rake of essential consumer goods
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. One estimate says the tariffs announced last year will cost consumers an average of $767 per year. The latest tariffs will add another $500 a year in costs for the average U.S.
Companies won’t immediately increase their prices, said Jon Gold, vice president of supply chain and customs policy at the National Retail Federation. “Retailers will try to endure as much of the costs as possible but 25%, they can’t absorb all of that,” he said. Products currently shipping to the U.S. for sale won’t see hiked prices, but some products may become more expensive in the summer, such as back-to-school items, he added.
Companies won’t immediately increase their prices, said Jon Gold, vice president of supply chain and customs policy at the National Retail Federation. “Retailers will try to endure as much of the costs as possible but 25%, they can’t absorb all of that,” he said. Products currently shipping to the U.S. for sale won’t see hiked prices, but some products may become more expensive in the summer, such as back-to-school items, he added.
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