Are tariffs a problem that should concern you?
Investor’s Business Daily defines tariff as a tax that applies to imported products in order to preserve local production and employment. There have been a lot of tensions between the USA and China because of increased tariffs on goods, which caused discontent among retailers and shoppers.
For $250 billion’s worth of goods imported from China, the USA added a tariff of 25 percent, as per the report made by The Financial Times. Afterward, another $112 billion got hit with a 15 percent tariff increase. The President of the United States, Donald Trump, threatened to further tax $156 billion with a 15 percent increase if China does not come to an agreement. The New York Times says that the main concerns involve both intellectual theft and economic subsidies, which according to Donald Trump, give China the upper hand over the USA.
There are no visible changes yet to be seen but it is thought that an increase in the prices of products will be certainly noticed by the customers. David French, senior vice president of government relations ar the National Retail Federation told CNBC that “the supply chain will try to absorb as much of the blow as they can, then they will move those costs forward to consumers.”
Joseling Linder talks about the subject for DealNews and writes: “If you’re concerned about tariffs leading to high Black Friday prices, the good news is that the shipping process doesn’t happen overnight. It’s safe to assume that at least some suppliers anticipated the Trump tariffs, bringing in goods before they rolled out.”
Keep on scrolling to find out what some of these goods are and how to still buy them for lower prices.