President Donald Trump has threatened to move forward with a 25% hike in tariffs on $200 billion of Chinese imports this Friday, May 10, ahead of a meeting between U.S. and Chinese trade officials that was scheduled for this week in Washington, D.C.
Imports at the nation’s major retail container points, while down from records highs this past fall, remain strong as retailers look to stay ahead of a possible tariff increase on Chinese made goods in March.
China is the world’s largest country in terms of population, and this year could become the planet’s top retail market, displacing the United States.
Following months of record growth, the level of imports at the nation’s ports have slowed, according to a report from the National Retail Federation and Hackett Associates.
While the issue of tariffs has been much discussed throughout 2018, retailers and housewares product suppliers have expressed concern about their potential impact on consumer buying habits.
Moody’s Investors Service has changed its outlook for the retail industry in the U.S. to positive from stable.
President Donald Trump will initiate a withdrawal from a treaty that observers and businesses, including housewares industry participants, insist gives Chinese manufacturers an unfair advantage in shipping goods weighing 4.4 pounds or less to addresses in the United States.
Imports at the nation’s major retail container ports are expected to remain at near-record levels in October despite a new round of tariffs that took effect in September, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
As was detailed in the March 5 issue of HomeWorld Business, small-parcel delivery from the U.S. Postal Service, in compliance with rules set by the Universal Postal Union, can weigh heavily in the favor of overseas shippers versus those in the U.S., and now more is being done to correct that inequity.
The National Retail Federation has updated its retail sales forecast for 2018, declaring that tax reform and other economic inputs would boost revenues more than previously predicted but warning that tariffs threaten to dampen consumer confidence.
With concerns rising over proposed new tariffs on products from China, imports at the nation’s major retail container ports have set two new records this summer and are expected to set another in August, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.