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Trump China tariffs could cost billions for consumers - NRF study

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Trump China tariffs could cost billions for consumers - NRF study
FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj   -   Copyright  Damir Sagolj(Reuters)
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(Reuters) – If the United States were to impose tariffs on another $300 billion worth of Chinese goods, it would cost U.S. consumers $12.2 billion (9.6 billion pounds) more for their apparels, footwear, toys, and household appliances, the National Retail Federation (NRF) said on Friday.

If the proposed tariffs are imposed, consumers would have to pay another $4.4 billion on apparel, $2.5 billion on footwear, $3.7 billion for toys and $1.6 billion for household appliances, the retail trade group said based on a study it had commissioned.

“It would be impossible for all market participants in our industry to simultaneously move sourcing to other countries. The capacity does not exist…,” David French, NRF’s senior vice president of government relations, said in a statement.

“In the short term, retailers would be forced to continue to use Chinese suppliers and pass on higher costs to their customers.”

Many retailers including J.C. Penney Co and Macy’s Inc have opposed more tariffs on Chinese goods and warned of higher prices for domestic consumers.

The USTR had on Monday kicked off seven days of testimony that will end on June 25 from U.S. retailers, manufacturers and other businesses about Trump’s proposed tariffs.

The tariffs will not come into effect until after July 2, when a seven-day final rebuttal comment period ends.

(Reporting by Soundarya J in Bengaluru; Editing by Arun Koyyur)

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