By Tyler Durden | 23 May 2019
ZERO HEDGE — The National Retail Federation (NRF) has warned that President Trump’s escalating trade war with China could be devastating for consumers and lead to at least one million job losses.
The Trump administration raised tariffs on $200 billion of Chinese goods from 10 to 25% around ten days ago. This is “bad news for nearly every sector of the American economy — retail, farming, manufacturing, and technology,” the NRF report said. When tariffs are implemented, we have explained before, the importer on record (an American company) pays the tax to US Customs, then has two options: eat the extra costs or pass it along to consumers.
Surging consumer prices could complicate Trump’s 2020 ambitions. Trump has repeatedly told the American people that China pays the tariffs, which is fake news according to NRF data. […]
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