US firms see China tariffs raise costs with little sourcing alternatives

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US firms see China tariffs raise costs with little sourcing alternatives

On Monday, the 17th of June 2019, a wide range of US companies said at a hearing on Washington that the China tariffs would result in the hikes of a broad range of US consumer goods including clothing, electronics alongside other goods, as little or no alternatives were available to Chinese products.

In fact, US President Donald Trump had called for a hearing last week to evaluate his economy’s view over further tariff hike on $300 billion of Chinese goods, untouched by trade war so far, and the comments came forth at the first day of seven-day-long proposed hearing hosted by the Office of US Trade Representative.

Aside from that, a panel of US trade officials from Commerce Department, US Trade Representative and other federal agencies had been quoted saying that sourcing products from other countries would cost more than 25 percent China tariff in many cases, which seemed to be casting further shadows over US consumers, as the burdens of added tariffs would be hitting the end-consumers anyway, suggested analysts.

Nonetheless, according to several analysts and business owners present at the first day of hearing, said that the plan of added tariff on almost all of Chinese imports worth of $500 billion might have slaughtered US sales including Christmas and other holidays, as there had been a wide-ranging consumers product no countries were producing except China.