Retailers wasted no time in responding to the Trump administration’s announcement imposing a 10% tariff on $300 billion worth of Chinese imports set to take effect on Sept. 1. The new tariffs will apply to a large array of goods, including iPhones and other consumer electronics, toys and sneakers.
“The list of products these tariffs will hit are almost entirely consumer-oriented,” said Hun Quach, VP of international trade, Retail Industry Leaders Association. “This new 10% tariff on Chinese imports is a direct hit on consumer products and family budgets, plain and simple. Tariffs are taxes on American consumers. And if these tariffs happen, American consumers will bear the brunt of these tactics via higher prices on everyday items like clothing, toys, home goods, and electronics.”
The National Retail Federation also issued its objections.
“As we’ve said repeatedly, we support the administration’s goal of restructuring the U.S.-China trade relationship,” said David French, senior VP for government relations, NRF. “But we are disappointed the administration is doubling-down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment. These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods.”