The escalating trade fears are leaving consumers anxious about the potential impact President Trump’s latest 10 percent tariff threat on the remaining $300 billion worth of Chinese goods will have on retail prices.
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The National Retail Federation called the Trump administration’s action a flawed strategy that will end up hurting the American consumer.
“We are disappointed the administration is doubling-down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment,” Senior Vice President for Government Relations David French said in a statement.
Strategic Resource Group’s Burt Flickinger told FOX Business’ Maria Bartiromo that he doesn’t anticipate U.S. retailers to hike prices and China will bear the brunt of the tariffs.
“Consumers will not take a hit,” he said on “Mornings with Maria.” “It will be primarily Chinese suppliers, the distributors.”
The retail trade association, which includes industry giants Amazon and Walmart, predicts the new levies will affect a wide range of consumer goods from cell phones and laptops to footwear and toys.
Heritage policy analyst Riley Waters said China will increase its pressure on businesses using non-tariff measures that may affect U.S. consumers.
“We will see some cost increase over the rest of the year,” he said. “[China] will increase pressure on businesses in China through harassment, custom delays.”