New York, November 30 (IANS). Many American retailers are appealing to their customers to do shopping immediately. Retailers say it makes sense to shop now before President-elect Donald Trump’s proposed tariffs increase costs and prices. This information was given in American media reports.
During the election campaign, Trump had promised to impose 60 percent tariff on all Chinese goods and 10 to 20 percent tariff on goods coming from other countries.
On Monday he planned to impose a 25 percent tariff on imports from Mexico and Canada and an additional 10 percent tariff on goods coming from China. News agency Xinhua gave this information quoting The Wall Street Journal (WSJ) on Friday.
“It is unclear what tariffs will be imposed and what impact they will have on prices. Fear and uncertainty are growing among companies and consumer spending is showing signs of weakness,” the report said.
However, most large companies have not yet included warnings about potential tariffs in their marketing campaigns.
According to a recent study by the National Retail Federation, the tariffs are likely to cause a loss of up to $78 billion in shoppers’ annual spending power.
Small business owners say higher prices will force shoppers to curb their spending and be more selective about what types of products they buy.
–IANS
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