Retailers rush to adjust after latest tariff announcement
U.S. retailers are rushing to adjust their business tactics, as firms say that President Trump has left them little time to modify with the announcement of the latest Chinese tariffs.
According to the South China Morning Post, the Trump administration is rushing to finalize a list of $300 billion in Chinese imports it plans to hit with tariffs in a few weeks’ time, as U.S. companies make a last-ditch appeal to be spared from the latest round of duties.
The U.S. Trade Representatives is planning to publish the final list soon. In the meantime, companies are making a final attempt at convincing the Trump administration to either not impose the tariffs or to drop items they import from the tariff list.
“Companies don’t plan by tweet,” said Jonathon Gold, vice president of supply chain and customs policy at the National Retail Federation. “These are all contracts that are already executed and cargo is on the water.”
To read the South China Morning Post, click here.