Tariffs on Chinese Goods Will Cost American Consumers Billions
This is based on a study commissioned by the National Retail Federation
The report showed that the proposed 25 percent tariff on furniture from China would cost Americans $4.6 billion per year in added cost "even if retailers switched their sourcing to other foreign countries or U.S. furniture makers." A similar 25 percent tariff on travel items including luggage and handbags would add $1.2 billion to what American shoppers would pay for those items, "even if the goods no longer came from China," according to the research.
Whether manufacturers opt to make the impacted items in the U.S. or in a country not impacted by tariffs, tariffs will still lead to higher prices, according to Jonathan Gold, the vice president of supply chain and customs for NRF, in testimony prepared for a hearing U.S. Trade Representative (USTR).
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