Soon, ordinary American consumers may feel the impact of the trade war between the US and China. At the very least, Hubert Joly, chief executive of Best Buy, the largest consumer electronics chain in the US, warned that consumers are likely to be hit by price hikes as a result of President Trump's administration's upcoming tariffs.
βThe introduction of 25 percent duties will lead to higher prices and will be felt by US consumers,β the head of the company said during the last reporting conference with investors. The comment comes just over a month before a public hearing is scheduled to discuss 3805 products that will be subject to import duties of 25% of their value.
The preliminary list includes popular electronics such as laptops, mobile phones and tablets, as well as other everyday items such as clothes, books, sheets and fresh produce. If approved, protective duties designed to stimulate production in the United States will be introduced from the end of June.
The words of Best Buy's chief executive echo those of financial analysts who say the Trump administration's tariffs will primarily be a burden on US businesses or US households, not Chinese exporters. Some U.S.-based importers (like Apple) may be able to offset the imposition of duties by lowering their now fairly large profit margins, but most companies and retail chains like Best Buy will, of course, simply raise prices and put the burden on consumers.
Source: 3dnews.ru