President Trump's latest threat to slap elevated tariffs on Chinese goods will weigh heavily on consumers in the form of higher prices soon. Here's how to prepare.
, such as clothing, shoes, toys and household appliances, including toasters, coffee makers, irons, microwave ovens and hair dryers.
"This round is much more consumer-focused," said Katheryn Russ, a University of California, Davis, professor of economics and specialist in international trade. And once implemented, "price increases should start filtering through from mid-October."professor of economics at the University of California, Davisfound the proposed new round of tariffs would cost Americans $4.4 billion each year for apparel, $3.7 billion for toys, $2.5 billion for footwear and $1.
"These additional tariffs will only threaten U.S. jobs and raise costs for American families on everyday goods," said David French, senior vice president of government relations at the NRF. They will also hit hardest on lower-income households, who spend a much larger percentage of their income on these staples, he said.
"Tariffs are a very regressive form of taxation," he said. "The supply chain will try to absorb as much of the blow as they can, then they will move those costs forward to consumers."Imports at the nation's major container ports are near record high levels this summer, according to the NRF's monthly Global Port Tracker report.
However, French said, "you can only have so much inventory." It's more likely that consumers will end up shouldering most, if not all, of the added costs, he added.
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