Analysts estimate the impact of additional tariffs on virtually all Chinese imports would be far worse than what consumers have seen so far.
The next time President Trump and Chinese President Xi Jinping will meet will likely be at the G-20 summit in Japan next month. The leaders of the world’s two largest economies will no doubt aim to resolve their long-simmering trade dispute that has the U.S. and China going tit-for-tat on tariffs. If they fail to reach an agreement, there’s a good chance Trump will follow through on his threat to place additional 25% tariffs on $300 billion worth of Chinese goods.
“So far, the impact from trade tensions on the U.S. economy has been small,” Citibank global economist Cesar Rojas told Yahoo Finance. “But if trade tensions escalate further into covering all imports from China, the U.S. consumer sector is going to be impacted even more than it has been so far. Mostly through higher prices on consumer goods.”
Citi says higher prices on consumer goods could lead other companies to also raise prices on goods that are not facing tariffs to alleviate pressure on their margins. Apparel has not generally been affected by the current set of tariffs, but it will be if the new round goes through, with specialty and department-store retailers negatively impacted, Citi says.
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