New tariffs could boost next year’s Black Friday prices
SAN DIEGO (KUSI)- Shoppers across the nation were out to grab Black Friday bargains, but a change in trade policy could put a damper on Black Friday in 2019.
Most of what Americans buy as consumers is made in China, and in the next few months, prices on thousands of Chinese made products could increase as the result of President Trump’s trade war with China.
At the end of September, President Trump imposed a 10% tariff on 5,700 Chinese goods, which included bikes, hats, golf bags, wallets and handbags.
In an effort to force China to reform its trade policies with the United States, the Trump Administration is threatening to stick a 25% tariff on those 5.700 items, as early as January 1.
The trade war could expand further, if the President decides to tax all exported items from China. Clothing, electronics, televisions and laptops are just some of the consumer products that would be affected by a 25% tariff that covers all Chinese goods.
The question of whether that higher tariff will go into effect has not been decided yet. That prospect will be considered in talks between President Trump and Chinese President Xi Jinping at the G20 summit in Argentina next week.
Big box retailers Walmart and Target are already warning of higher prices, if President Trump decides on a new round of tariffs in January.