The Trump administration has imposed tariffs on $200 billion worth of product imported from China, which includes a host of consumer products such as housewares, consumer electronics, tools and food.
According to a report in Fortune, an initial surcharge of 10% will be implemented later in September and that figure will increase to 25% by the end of 2018. The report indicated that the latest round of tariffs combined with those imposed earlier this year now impact about half of all products imported from China.
Several leading trade organizations including the International Housewares Association (IHA) and the National Retail Federation (NRF) have voiced their opposition to the tariffs claiming they will lead to price increases on a host of products.
“As thousands of businesses have testified and explained in comments to the administration, tariffs are a tax on American families,” said Matthew Shay, president and CEO of the NRF. “It’s disappointing that, despite the voices of those impacted, the administration continues to advance harmful tariff policies that threaten to weaken the U.S. economy.”
Shay expressed concerns about the negative impacts rising prices would have on the retail sector as the holiday shopping season approaches.
“With these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched,” he said. “We cannot afford further escalation, especially with the holiday shopping season right around the corner.”
The NRF and more than 100 organizations recently launched a multi-industry coalition— Americans for Free Trade— aimed at opposing tariffs and highlighting the benefits of international trade to the U.S. economy.
In an effort to keep the housewares industry up-to-date on the latest news regarding tariffs, the IHA at its annual Chief Housewares Executive SuperSession (CHESS) has added a session with John Murphy, svp/international policy with the U.S. Chamber of Commerce.
He will provide a regulatory update on the status of these tariffs and other U.S. international trade policies, and discuss how the housewares supply chain can weather this volatile regulatory environment.
CHESS is scheduled for October 2 to 3 in Rosemont, IL.