Retail Industry Awaits Trump's Plans For Tariffs On Imported Goods
Many of President-elect Donald Trump’s initial campaign pledges lacked specificity while on the campaign trail, and though he has since clarified some of his policies, the retail sector is still waiting to see what will come of his talk regarding tariffs on imported goods.
A large chunk of the retail industry relies heavily on imported goods to fill shelves, so the large tariffs Trump mentioned during his campaign are especially important to them, the Washington Post reports. Some of Trump's plans included imposing tariffs as high as 45% on Chinese imports and 35% on Mexican imports. The president-elect also pledged to withdraw from the Trans-Pacific Partnership.
The prospect of a 35% tariff has many retailers worried, with execs saying they’re afraid they’ll be forced to jack up prices should that become policy. [WaPo]
