LOS ANGELES - President Donald Trump’s trade war with China has U.S. companies shifting purchases of tariff-targeted products like furniture, refrigerators and car tires to countries such as Vietnam, South Korea, Taiwan and Mexico, according to a new analysis released on Wednesday.
Trump’s decision to slap tariffs of 10 to 25 percent on about $250 billion of Chinese goods has roiled U.S. retailers and manufacturers, who are scrambling to avoid potentially crippling cost increases. U.S. imports of Chinese-made furniture by retailers such as IKEA, Home Depot, Target Corp and Room to Go fell 13.5 percent in the first quarter. That was partly offset by a 37.2 percent rise in shipments from Vietnam and a 19.3 percent increase in imports from Taiwan, Panjiva said.Imports of Chinese refrigerators fell 24.1 percent during the quarter, when shipments from South Korea and Mexico jumped 31.8 percent and 32 percent, respectively.
U.S. companies are also shifting factory investments in the wake of the China trade tiff, which a trio of economists estimate has already cost U.S. consumers and companies $19.2 billion.
Source: News Formal (newsformal.com)
In other news TariffMan has no fvcking idea what he's doing.
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