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Trump China tariffs could cost billions for consumers: reuters retailers study



© Reuters. FOOTBALL PHOTO: Buyers carry bags of purchased goods in the King of Prussia Mall, the largest US trade area in King of Prussia [Reuters] – If the United States is charging other Chinese goods worth $ 300 billion, that would cost US $ 12.2 billion for apparel, shoes, toys and household appliances annually to US consumers, the National Federation of Retail Trade (NRF) announced.

Tariffs will cause consumers to pay another $ 4.4 billion for clothing, $ 2.5 billion for shoes, $ 3.7 billion for toys and $ 1

.6 billion for household appliances, the group said for retail, based on a study that was commissioned.

"It would be impossible for all market participants in our industry to redirect resources to other countries at the same time Capacity does not exist," said David French, senior vice president of government relations at NRF, "In the short term, retailers will be forced to continue to use Chinese suppliers and transfer higher costs to their customers. "

Many retailers, including JC Penney Co and Macy's Inc., opposed more tariffs for Chinese goods and warned for higher household prices

Separately, on Friday, the USFIA, which is trade marks, retailers, importers and wholesalers based in the United States, calculates that the additional tariffs for clothing and home textiles will cost US $ 4.9 billion a year

"We can conservatively appreciate the increase in retail prices for products still produced in China … This means that a four-member family will he paid an extra $ 60 ishno only for clothes, "said USFIA.

It remains that for many (fashion brands and retailers) China remains the world's first supplier without realistic opportunities for other destinations that could replace China, "added President Donald Trump threatened to extend the tariffs of other goods on worth $ 300 billion imported from China. Trump and Chinese President Jin Ginpin will meet at the end of the group of 20s in Japan late next week to discuss trade issues.

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