Officials at America's top retailers including Walmart, Target and Apple have warned prices may be hiked following the Trump administration's newest round of tariffs on products imported from China.
China and the United States plunged deeper into a trade war this week after Beijing added $60billion of US products to its tariff list, retaliating to President Donald Trump's planned levies on $200billion worth of Chinese goods.
As a result, dozens of major companies will likely be passing the cost of increased taxes along to millions of consumers.
America's top retailers have warned of potential price hikes following the Trump administration's newest round of tariffs on goods imported from China, the latest move in the president's escalating trade war with Chinese President Xi Jinping (above with Trump in 2017)
In a letter to the US Trade Representative, a spokesperson for Walmart - America's largest retailer - listed a wide range of goods that may soon receive price hikes.
The following items were included in the list: fish, vegetables, nuts, grains, flours; personal care products from makeup to shampoo; luggage and handbags; bicycles and motorcycles; leather apparel hats, hand tools and some furniture; lighting and mirrors including Christmas lights; monitors; paper tablecloths, napkins, plates and cups, toilet and tissue paper; dog leashes, home air conditioners, refrigerators, vacuum cleaners and calculators.
'This round of tariffs could impact a significant number of common consumer items that are not easily replaceable,' Sarah F Thorn, Walmart's senior director for global government affairs, wrote in the September 6 letter.
'The immediate impact will be to raise prices on consumers and tax American business and manufacturers.'
A spokesperson for Walmart - America's largest retailer - listed a wide range of goods that may soon receive price hikes in a September 6 letter to the US Trade Representative (stock image)
The Trump administration will begin to levy new tariffs of 10 percent on about $200billion of Chinese products on September 24, with the tariffs to go up to 25 percent by the end of 2018.
The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world's two largest economies.
The following American companies have made statements condemning the new tariffs:
- Walmart Inc warned that it may raise prices of products if the Trump administration imposes a tariff on Chinese imports. The company said the tariff would impact prices of everything from food products to beverages and personal care items.
- Target Corp said it was 'deeply troubled' and strongly opposed any consideration to add tariffs on basic imported consumer goods. The company also said the administration's tariff policies are already forcing major vendors across product categories to raise prices.
- Chipmaker Micron Technology Inc said US tariffs on Chinese goods would weigh on its financial results for as much as a year.
- Hewlett Packard Enterprise Co said it was disappointed with the latest outcome on the tariffs. The company said it relies on complex global supply chains and is bound to face various challenges arising from these tariffs.
- Fitness tracker maker Fitbit said it appreciated the administration's time and effort to listen to industry and consumer concerns, after the United States spared the company's fitness trackers from the latest round of tariffs on Chinese goods.
- Apple Inc, whose Watch and other consumer gadgets were left out of the latest tariff list, had previously expressed concerns over tariffs, saying the US will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for American consumers.
- Home Depot Inc said it would continue working to offset impact on its customers.
- Dell Technologies said the proposed tariffs will increase costs of vital parts and components for its US services and manufacturing operations. Dell added that the tariffs on desktops/servers, computer parts, network switches could result in 'serious damage' to the company and its employees.
- Intel Corp said proposed tariffs would negatively affect US businesses and 'stifle advancements' in telecom infrastructure, including next generation technologies like 5G. The company said the tariffs will raise costs for US-based technology companies that manufacture ICT products such as desktop computers, laptops and servers.
- Agilent Technologies said the increased duties would financially impede its US operations and its end customers in the US and abroad. It added that substantial tariff increases will limit its ability to reinvest in U.S. operations, affecting employees engaged in R&D, design and other support operations. Agilent also said it does not believe the goods it imports are specifically covered by the 'Made in China 2025' industrial policy.
- Office Depot said the tariff proposal, which covers non-household seating and furniture it sells, would lead to immense supply chain disruptions and a likely loss of jobs. Office Depot also said the tariffs would impact small- and medium-sized US companies.
- Newell Brands' units, including Goody Products and Rubbermaid Commercial Products, said tariffs on items ranging from elastic hair bands to art supplies would hurt American consumers since the tariff prices will be paid by the company and consumers. They also said consumer goods targeted under tariffs do not come under the scope of 'Made in China 2025' program.
- Mattel Inc said the proposed tariff on products such as high chairs and bath seats will result in higher prices as China supplies vast majority of these products with no alternative readily available. Mattel also said additional tariffs could lead to job losses as the toy-making industry is already suffering from Babies 'R' Us/Toys 'R' Us closures.
- Whirlpool Corp said proposed tariffs on components from China would increase costs and create supply chain problem for US manufacturers, putting them at a competitive disadvantage. The company said the administration should remove 'critical components' such as parts of refrigerators and mixers from the proposed list and add finished products such as dishwashers to mitigate negative impact on US manufacturing.
- Carrier Transicold, a unit of Carrier Corp/United Technologies Corp, said it was concerned the proposed 10 percent additional duty on various industrial components will reduce its global competitiveness and undercut its US operations. Carrier asked USTR to exclude items including parts for refrigerators, freezers and other refrigerating or freezing equipment from the proposed tariffs.
https://hienalouca.com/2018/09/22/walmart-target-and-apple-threaten-price-hikes-following-trumps-newest-tariff-on-chinese-imports/
Main photo article Officials at America’s top retailers including Walmart, Target and Apple have warned prices may be hiked following the Trump administration’s newest round of tariffs on products imported from China.
China and the United States plunged deeper into a trade war this week after Beijing...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/09/22/16/505ACDB400000578-6194845-image-a-55_1537630260003.jpg
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