President Trump doesn't want to be the Grinch who stole Christmas for American consumers. That's a major reason why the White House decided this week to push off the implementation of new tariffs on a variety of Chinese goods until mid-December
Trump admitted as much on Tuesday, telling reporters that"we're doing this for the Christmas season just in case some of the tariffs would have an impact on US customers." He added that the tariffs on electronics, toys, sneakers and other products will be delayed"so they won't be relevant for the Christmas shopping season.
But retailers are still worried about other tariffs that will kick in on September 1, including on sweaters, winter coats and lots of back to school supplies, RILA's Quach said. Stores may have no choice but to raise prices, Quach said. "Retailers are doing all they can to absorb these costs but many work on razor thin profit margins. A 10% tariff on goods like apparel will only add on to the cost that consumers pay," Quach said.
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