Report: Increased tariffs hit as retailers plan for holidays
The United States raised tariffs on $200 billion worth of Chinese exports, including furniture and some consumer electronics, from 10% to 25% at 12:01 a.m. ET on Friday, May 10, in a move that will likely impact retailers and consumers.
The increase is expected to leave many retailers in a crunch as they plan for the 2019 holiday season, scrambling to make purchase orders and set prices, reported CNBC. Retail analysts believe that mass merchants, including The Home Depot, Best Buy, Dollar Tree and Lowe’s , will be most negatively impacted by the latest round of tariffs, which hits furniture more than anything else in the industry, according to the report.
Adding to the concern is President Trump’s threat of placing 25% tariffs on another $325 billion in Chinese goods that currently remain untaxed. The list includes toys, footwear and apparel, CNBC said.