Trump’s tariff could cost billions for US consumers, says NRF Study

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Trump’s tariff could cost billions for US consumers, says NRF Study

On Friday, the 21st of June 2019, expressing grave concerns over Trump’s China tariff, the National Retailer Federation said that an additional tariff on $300 billion worth of Chinese imports, untouched by the tariff war so far, would heighten expenses of the US consumers by $12.2 billion for their footwears, household appliances, apparels and toys.

Based on an NRF study conducted earlier this month, that retail group had also added that the proposed tariffs in effect would cost $4.4 billion more on apparel, $3,7 billion more on toys, $2.5 billion on footwear alongside $1.6 billion on household appliances.

Followed by the reveal of the NRF Study on Friday (June 21st), adding that the added tariffs would pass on to the consumers anyway, the retail group’s senior vice president of government relations, David French said at a statement, “It would be impossible for all market participants in our industry to simultaneously move sourcing to other countries.

The capacity does not exist... In the short term, retailers would be forced to continue to use Chinese suppliers and pass on higher costs to their customers”. In fact, the latest report emerged ahead of a high-stake Trump-Xi meeting next week over the sidelines of a G20 summit in the Japanese City of Osaka, while the tariffs are scheduled to come into effect after July 2nd, if a resolution has not been reached by then.