US Consumers Worry That New Tariffs Will Increase Commodity Prices And Affect Holiday Purchases.

The US China trade war has entered a new stage in September 1st. The United States has begun to impose new tariffs on China's tens of billions of dollars in imported goods. From China, TV sets, smart speakers, UAVs and so on will increase by an additional 15% of tariffs. Many commodities will raise prices, and consumers are worried about tariffs affecting the purchase of Christmas holidays.

Representing the American consumer Technology Association (Co), including 2 thousand electronics manufacturers, including Apple, LG, Walmart, Best Buy, etc. Nsumer Tech Association, CTA said that tariffs will eventually increase the price of electronic products. Since July 2018, tariffs have affected parts prices of electronic products, resulting in a cost of US $10 billion. Now tariffs affect more electronic products, such as smart phones, sports trackers, desktop computers, digital cameras, lithium batteries, and so on, and consumer goods valued at $52 billion are affected.

According to the CTA Association, consumer electronics products, including smart phones, notebook computers, tablet computers and game consoles, which began to levy new tariffs in December 15th, will have a greater impact on the consumer electronics industry.

Coresight Research, a research consultancy, surveyed 1784 US consumers in August. 57% of consumers worried about tariffs causing year-end holiday commodity prices to rise. When asked how to increase the price of goods, 22.5% of consumers said they would reduce their purchases, while 22% said they would choose cheaper retailers. 70% of respondents said they would maintain the same amount of consumption without increasing the amount of consumption with the price of goods, which means consumers will eventually reduce purchases.

Although President trump said that some Chinese imports had not been started until December 15th, new tariffs were introduced, but the American Apparel & Footwear Association (AAFA) found that this was not the case. 91.6% of the garments imported from China, 68.4% of household textiles and 52.5% of footwear products began to be subject to new tariffs in September 1st.