Retailers howl as U.S. trade agency locks in 15% tariffs on September 1
Source: Reuters
The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and Dec. 15, prompting hundreds of U.S. retail, footwear, toy and technology companies to warn of price hikes.
The U.S. Trade Representative's office said in an official notice that collections of a 15% tariff will begin at 12:01 a.m. EDT (0401 GMT) Sunday on a portion of the list covering over $125 billion of targeted goods from China.
This initial tranche includes smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear.
U.S. Customs and Border Protection will also start collecting a 15% tariff on Dec. 15 on the remainder of the $300 billion list, including cellphones, laptop computers, toys and clothing, USTR said in the Federal Register filing.
Read more: https://finance.yahoo.com/news/u-trade-agency-affirms-trumps-142112350.html
bucolic_frolic
(43,161 posts)so retailers will have to makeup the tariffs on lower volume, meaning prices higher than anticipated.
It's going to be a great Trump recession.
Freethinker65
(10,021 posts)Kittycow
(2,396 posts)Sherman A1
(38,958 posts)and the story of a second trucking company shutting down within 24 hours is very concerning.
jpak
(41,758 posts)dchill
(38,489 posts)keithbvadu2
(36,799 posts)Dial it back dude
dchill
(38,489 posts)That's perfect.
Lonestarblue
(9,988 posts)It was practically empty. I saw one other shopper. Between Amazon and Trumps tariffs, the retail sector is having big problems. Trumps tariffs will drive us into recession faster.
Wellstone ruled
(34,661 posts)retail traffic days of the with the exception of Utah and Idaho. Monday at one of the Major's was a total dead traffic day. Retail Friends are seeing their hours cut do to lack of foot traffic. Usually,this is staff up time in Retail.
Marthe48
(16,953 posts)I figured it would be quiet because school is starting, but it is really quiet. I thought it would be busier because of the holiday coming up and also Fair Week, but really not busy at all.
paleotn
(17,912 posts)Smart.
keithbvadu2
(36,799 posts)world wide wally
(21,743 posts)rickford66
(5,523 posts)Not giving anyone ideas.
TeamPooka
(24,225 posts)CottonBear
(21,596 posts)Im saving money for my kids braces, my dental work, major plumbing repairs, and car maintenance and repairs. We might buy a necessary new laptop for the family while back to school sales are still in effect.
We are only spending on essentials and absolutely necessary repairs.
Dawson Leery
(19,348 posts)...never worked and never will.
PatrickforO
(14,573 posts)Seventy percent of our economy is based on consumption. You put a 15% tariff on Chinese imports and you ruin Christmas for millions of US families, not to mention retailers.
Oh, boy, Wall Street is going to scream on this one too. Of course the greed-heads will sell short, but sane people will realize this is a really bad thing, based on a really stupid policy.
That and the giant tax cut for billionaires and corporations that has basically busted the budget and ballooned the national debt.
Our person, whoever we elect, is going to inherit a real shit show of a mess to clean up.
There need to be trials for some of these criminals, starting with the orange maggot.
durablend
(7,460 posts)How can any of you stand it?
Marthe48
(16,953 posts)The only way dump can make a mark is to sandblast President Obama's achievements. The economic turnaround was one of Pres. Obama's greatest successes versus some of the toughest challenges. Leave to dump to tear it to the ground.