As it reported second quarter results, Dorel Industries said that it is doing its best to shrug off the effects of tariffs imposed on China by the U.S. as it drives top-line growth and makes adjustments to boost the bottom line.
Importers of Chinese made goods, including many product suppliers in housewares, will be facing a new round of tariffs beginning in September.
The topic of tariffs is one that is dominating conversations across the housewares landscape as retailers and suppliers work to develop solutions to deal with looming price increases that are expected to touch nearly every segment in the industry.
President Donald Trump has delayed a new round of tariffs that would have put a 25% surcharge on an additional $300 billion worth of products made in China, which would have included a broad range of housewares.
The National Retail Federation is backing a bill that would strengthen congressional authority over tariff increases such as those imposed by the Trump administration during the past year.
Tariffs are shaking up the supplier picture today for mass-market retailers while changing consumer preferences for trendier products is continuing to transform the market. Walmart’s two-day open call event, ending today, June 19, comes at an appropriate moment in a shifting retail landscape.
In spite of higher tariffs on Chinese-made products coming in mid-June, traffic at the nation’s major retail ports is expected to stay strong as retailers look to stock up for the back-to-school and holiday shopping seasons.
With the most recent list of proposed tariffs affecting the housewares industry, the International Housewares Association is encouraging members to contact their congressional representatives or provide comment to the United States Trade Representative (USTR) on the tariffs’ effect on their business.
Following the recent imposition of 25% tariffs on $200 billion worth of products made in China, questions are being raised by some in the housewares industry as to the exact timing of when the surcharge was officially in place.
Several housewares and home goods categories are in the crosshairs of a potential next round of 25% tariffs that could be imposed by the Trump administration on an additional $300 billion in Chinese-made goods. This follows the 25% tariffs that were imposed on $200 billion worth of Chinese-made products that went into effect on Friday, May 10.
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.
With President Trump saying he plans to both increase and broaden tariffs on goods from China, imports at the nation’s major retail container ports are expected to see unusually high levels the remainder of this spring and through the summer, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
Macroeconomic issues including tariffs in the United States and the on-going Brexit issue in the United Kingdom had a negative impact on fourth quarter performance at Lifetime Brands, its CEO said.
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.
According to a University of Michigan survey, consumer sentiment in the U.S. slipped during early January, with the decline primarily focused on prospects for the domestic economy.