‘Catastrophic’: Trump’s next round of tariffs will wallop American consumers, retailers

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The last round of tariffs Donald Trump imposed on Chinese goods mostly targeted commercial products, shielding consumers from sticker shock on the good they buy every day. But the next round of tariffs on another $300 billion of Chinese goods will hit Americans right where it counts.

The New York Times reports that retailers are warning the Trump administration what disaster it will be for their businesses as well average America households as they watch the prices of goods like toys, clothes, and footwear spike.

Brick-and-mortar retailers, which have already been squeezed by the online market, are hoping to put on the brakes since the administration hasn’t yet set a hard date for the new tariffs. China, for instance, produces almost 70% of the shoes bought in the U.S. Matt Priest of the Footwear Distributors and Retailers of America called the amount of harm the new tariffs could cause “catastrophic.”

Not only will the bottom lines of retailers suffer, but their revenue losses could also result in more job losses in an industry that already closed some 6,000 stores just last year, a number that will likely rise this year, according to Coresight Research.

The overall worry, say economists, is the possibility that any tariffs that so directly affect consumers could push the economy into a recession. “It’s Economics 101 that as prices rise, people will spend less,” Deutsche Bank economist Torsten Slok told the Times, noting that consumer spending accounts for around 70% of GDP.

For now, major retailers like Gap Inc. and Kohl’s are hoping Trump either has a sudden change of heart or suffers a severe memory lapse, because the strength of the U.S. economy is now heavily dependent on the whimsy of one man.

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4 Comments on "‘Catastrophic’: Trump’s next round of tariffs will wallop American consumers, retailers"

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DHG
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Then he will be run out of DC on a rail and not a damn thing his thugs or sycophant followers can do about it.

Rose
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Rose

I am SO sick and tired of that evil loser-in-chief.

Impeach trump
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Impeach trump

Change of heart-YES as in a Heart attack, he needs to be gone before he gets rid of all of us and our country-he is a sick demented bastard and we pray something happens to him-there is NO good qualities about this man and nothing worth saving-he has caused so much hatred in all of us that it is frightening at times

Michael owens
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Michael owens

as sad as it sounds im just praying that something or someone takes DT out of the WH. Theres no other word for him, he’s Evil !!!’