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Trump China tariffs could cost billions for consumers: retailer study

Stock MarketsJun 21, 2019 09:38PM ET
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© Reuters. FILE PHOTO: Shoppers carry bags of purchased merchandise at the King of Prussia Mall, United States' largest retail shopping space, in King of Prussia

(Reuters) - If the United States does impose tariffs on another $300 billion worth of Chinese goods, it would cost U.S. consumers $12.2 billion more for apparel, footwear, toys and household appliances each year, the National Retail Federation (NRF) said on Friday.

The tariffs would result in consumers paying another $4.4 billion on apparel, $2.5 billion on footwear, $3.7 billion for toys and $1.6 billion for household appliances, the retail trade group said, based on a study it had commissioned.

"It would be impossible for all market participants in our industry to simultaneously move sourcing to other countries. The capacity does not exist," David French, NRF's senior vice president of government relations, said in a statement. "In the short term, retailers would be forced to continue to use Chinese suppliers and pass on higher costs to their customers."

Many retailers including J.C. Penney Co and Macy's Inc have opposed more tariffs on Chinese goods and warned of higher prices for domestic consumers.

Separately, on Friday, the United States Fashion Industry Association (USFIA), which represents brands, retailers, importers and wholesalers based in the United States, estimated that additional tariffs on clothing and home textiles would cost American consumers $4.9 billion per year.

"We can conservatively estimate an increase in retail prices for products still made in China...That means a family of four would pay an additional $60 per year just on clothing," USFIA said.

"The fact remains that for many (fashion brands and retailers), China remains the No. 1 supplier in the world, with no realistic options for other sourcing destinations that could replace China," it added

President Donald Trump has threatened to extend tariffs on another $300 billion worth of goods imported from China. Trump and Chinese President Xi Jinping are to meet on the sidelines of the Group of 20 meeting in Japan at the end of next week to discuss the trade issues.

Trump China tariffs could cost billions for consumers: retailer study
 

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Comments (4)
David David
David9 Jun 23, 2019 7:05PM ET
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These are all politics. The fact is, no countires can replace China. China has the best skilled workers, the infrastructure that they spent Trillions on over decades, so it is impossible to replace the might of China production. The world needs China to produce or we all heading back to poor mostly. 60% of US don't even have $600 in the bank, so if price raises by end of year, US economy will collapse to recession.
Lloyd McCord
Lloyd McCord Jun 22, 2019 8:18PM ET
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My post specifically said "western hemisphere". Why don't socialists ever take the time to actually read before they open their cake holes?
Fred Smith
Fred Smith Jun 22, 2019 1:34AM ET
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Then don't sell or buy China goods.
Bill Chan
Bill Chan Jun 22, 2019 1:34AM ET
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you better throw all you things made in China
Lloyd McCord
Lloyd McCord Jun 21, 2019 10:20PM ET
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Or the greedy turncoat CEOs who sent our manufacturing overseas could just take a well deserved pay cut, bring those jobs back to the Western hemisphere, and quit trying to tell us that we now have to foot the bill to correct their despicable and traitorous mistakes. Americans won't pay more for ******* These whining CEOs will either figure it out, or step aside and let some real Americans get it done for the people. The greed of the silent generation and the boomers has been exposed, and The American people aren't buying what their selling anymore.
Iyarin Boonnum
Iyarin Boonnum Jun 21, 2019 10:20PM ET
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Reduce American salary 80% if u want those cos. to move back to US. lol High salary no skill!!!
NZbeast Hunt
NZbeast Hunt Jun 21, 2019 10:20PM ET
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Amen!
Anno Pan
Anno Pan Jun 21, 2019 10:20PM ET
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Even Trump raises tariffs to 100%, the cost of producing these goods is still cheaper in China than moving back to US. That's why GS predicted US consumers are paying for the full tariffs, because there are really not much room for the manufacturer to compensate it.
 
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