WASHINGTON (Reuters) - U.S. consumers may be about to directly feel the effects of the trade fight started by U.S. President Trump with China and other countries this year when a new list of Chinese imports to be taxed is announced in coming days.
After imposing import tariffs on solar panels and washing machines in January, Trump moved to levy steel and aluminum in March along with about $50 billion in other goods.
After China responded with a list of U.S. goods that would be subject to tariffs, Trump raised the stakes on April 4 by directing the U.S. Trade Representative to consider $100 billion in additional levies.
But a Reuters analysis of Chinese imports shows that to quickly reach $100 billion worth of goods to tax, Trump may have to target cellphones, computers, toys, clothing, footwear, furniture and other consumer goods, prompting price rises at U.S. retailers.
“There is no way to avoid consumer products when you’re thinking about how to hit $100 billion worth of imports coming from China,” said Hun Quach, vice president of international trade for the Retail Industry Leaders Association which represents U.S. retailers.
How much the news tariffs would hit wallets depends on variables that make calculating the impact of the tariffs on individual products hard to measure. Companies can absorb some of the costs, and some companies can shift production in China to other countries, cutting the final bill for America’s shoppers.
After washing machines imported by LG Electronics’ were hit with a 20 percent tariff