A new round of tariffs put in place on Friday, May 10, by the United States is raising concerns with retailers and trade groups as the retail planning process for the 2019 holiday season begins.
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.
Dorel’s third quarter featured its home division, which reached record revenues, but the company cautioned that the tariffs could impact prices and consumer demand in the future.
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.
The National Retail Federation has responded to a list of $200 billion of Chinese imports targeted for new tariffs that was released by the Office of the U.S. Trade Representative, emphasizing that those taxes will hurt families across the U.S.