This past Thursday, the Trump administration levied tariffs on $16 billion worth of Chinese imports – a move that, according to retail industry experts, is going to hurt American consumers more than anyone else.
As reported by CNBC, these tariffs, which are part of Trump’s ever-escalating Trade War with China, will “mean that American consumers have to pay higher prices for products.”
“What’s going to happen down the road is very simple — prices will go up, sales will go down, jobs will be lost. This will have a negative impact on the economy,” said Rick Helfenbein, CEO of the American Apparel and Footwear Association. “We are watching the Titanic sail out of port here; this is not a good thing.”
According to the story, “41 percent of all apparel, 72 percent of all footwear and 84 percent of all accessories imported into the U.S. come from China,” and many of those imports will be subject to the newly enacted tariffs.
But since “many” isn’t as much as “all,” there are now proposals on the table for tariffs on an additional $200 billion worth of Chinese-made goods.
Unsurprisingly, China retaliated with tariffs on $16B worth of American-made goods, and it’s presumable they’ll keep the tit-for-tat going if the US pushes to $200B. Side note: who the hell knew this country still made $16B worth of stuff?
Says Helfenbein, “There are issues, but to the extent of taxing yourself to solve this, that’s crazy. That’s like punishing your son for something your daughter did. It doesn’t make sense.”
You can read more about it at CNBC.
