Trump’s tariffs will lead to ‘dire consequences’ for consumers
14/05/2019
This new tariff – which affects backpacks, sports bags, leather ski gloves, camp stoves, camp chairs, bikes and bicycle parts – will apply to products shipped from May 10; it will not apply to goods in transit if they reach the US by June 1.
The administration will set up a formal process for companies to file petitions to exclude their products from this tariff.
The Outdoor Industry Association said: “President Trump appears to have called for this new action out of frustration with the pace of negotiations between the US and China aimed at resolving differences over China’s intellectual property practices.”
The tariffs will have to be paid by the businesses importing the goods, which will mainly pass the cost on to consumers.
Tariffs Hurt the Heartland, a campaign by 150 trade organisations, said tariffs will be “dire”: “For 10 months, Americans have been paying the full cost of the trade war, not China. To be clear, tariffs are taxes that Americans pay, and this sudden increase with little notice will only punish farmers, businesses and consumers.”
A report from the Trade Partnership found that an increase to 25% coupled with tariffs already in place will reduce employment by over 934,000 jobs, cost the average family of four $767 and reduce GDP by 0.37 percent.
Share this story:
