Listen Now: How The Looming China Tariffs Will Hit Your Pocketbook
The White House asked U.S. companies what they think about the possibility of more tariffs against China… and it’s getting an earful.
At the upcoming G20 summit in Japan, President Trump is planning to meet with the president of China and hammer out a trade deal. If that doesn’t happen he is threatening to impose another three hundred billion dollars in tariffs on Chinese imports, and companies say that’s a mistake.
Major retailers including Best Buy, Roku and Target say extra tariffs will raise their bottom line and customers will have to pay more. The CEO of the clothing line Kenneth Cole says he has looked at Mexico for supplies but the situation there is unstable as well.
And it’s not just big companies feeling the pressure. Smaller mom and pop shops say more tariffs could force them out of business. A New Hampshire fireworks company says more tariffs means fewer supplies which could force small towns to cancel Fourth of July celebrations.
Right now the two governments are blaming each other for the festering trade war, but its consumers who are getting shot.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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