'Pandemic-level crises': Small businesses dependent on imports from China are feeling tariff pinch
Americans맥스카지노 confidence in the economy slumped for the fifth straight month to the lowest level since the onset of the COVID-19 pandemic as anxiety over the impact of tariffs takes a heavy toll.
Since the Trump administration hiked tariffs on Chinese goods to 145% earlier this month, small business owners who rely on those imports have grown increasingly desperate, watching their inventories shrink and costs soar.
In Alexandria, Virginia, Amy Rutherford, owner of Pippin Toy Co., says the uncertainty feels eerily familiar to the pandemic.
맥스카지노We are seeing pandemic-level crises right now,맥스카지노 Rutherford said. 맥스카지노The uncertainty is real. We don맥스카지노t know how to plan right now. Every day is new.맥스카지노
She맥스카지노s already facing gaps on her shelves. One of her best-selling toys 맥스카지노 a product called Zimbbos 맥스카지노 is out of stock with no clear timeline for its return.
맥스카지노We don맥스카지노t know when it맥스카지노s going to return, and again, we don맥스카지노t know what it맥스카지노s going to cost when it returns,맥스카지노 she said.
The concerns are being echoed in corporate boardrooms. Executives at Home Depot, Target, and Walmart have reportedly raised alarm bells directly with the president, warning that new tariffs could snarl supply chains and drive up prices across the board.
President Trump said Tuesday that he personally called Amazon founder Jeff Bezos after reports suggested the platform might start listing tariff-related costs next to product prices.
맥스카지노Jeff Bezos was very nice. He was terrific,맥스카지노 Trump said. 맥스카지노He solved the problem very quickly맥스카지노 he did the right thing.맥스카지노
Amazon denied the report 맥스카지노 but not before the White House criticized the company publicly during its morning briefing.
Experts say the warnings of pandemic style shortages shouldn맥스카지노t be taken lightly.
맥스카지노That is quite possible,맥스카지노 said Dr. Sunderesh Heragu, a professor at Oklahoma State University, when asked whether the country could see a return to COVID-style supply disruptions. 맥스카지노The extent, we do not know. Every day there seems to be a change in the type of policy there is.맥스카지노
Online retailers have already begun making adjustments as a result of tariffs. Chinese e-commerce giants Shein and Temu are now tacking on new surcharges for U.S. shoppers. Meanwhile, many third-party sellers on Amazon are quietly raising prices.
Back in Virginia, Rutherford is urging her customers to act early as uncertainty grows ahead of the holiday season.
맥스카지노You don맥스카지노t have to buy Christmas now. But if you see it, buy it when you see it,맥스카지노 she said. 맥스카지노Because you don맥스카지노t know what that cost is going to be later.맥스카지노
The economic effects could become clearer soon: new reports on GDP and consumer spending are expected Wednesday, followed by the April jobs report on Friday.
When pressed about any progress on trade negotiations, White House officials pointed to India as the closest to a breakthrough.
맥스카지노I think that we are very close on India,맥스카지노 Treasury Secretary Scott Bessent said. 맥스카지노I could see the contours of a deal with the Republic of Korea coming together, and then we've had substantial talks with the Japanese.맥스카지노
So far, no formal trade agreements have been announced.