Trade war could impact retailers’ holiday plans
An escalating trade war with China could put a dent into the holiday shopping season.
President Trump has threatened to add a 10% tariff on at least an additional $200 billion of Chinese-made goods, potentially doubling that to as much as $400 billion if China retaliates. Such a move could impact about 80% of all Chinese imports and ensure some sneakers, clothing, smartphones and even toys would be targeted, Bloomberg reported. The first round of tariffs, on $34 billion of Chinese goods, went into effect on Friday, July 6.
“Retailers have already made the buying decisions for what will be on the store shelves in the fall for Christmas holidays,” David French, senior VP of government relations at the National Retail Federation told Bloomberg. “If items aren’t imported before any possible tariffs go into effect, it will lead to “higher prices, a cut into consumer spending and a cut into consumer confidence — and we are very concerned about it.”
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