Chinese tariffs to impact local businesses
BONO, AR (KAIT) - As the battle of tariffs continue to play out between the United States and China, local businesses are preparing for the impact.
Monday new tariffs went into effect for some local businesses after President Donald Trump imposed tariffs of 10 percent on billions of dollars’ worth of Chinese goods.
The tariffs will impact businesses carrying certain home goods like furniture and appliances.
Jim Quinn, the owner of the Lamp Outlet in Bono, told Region 8 News 90% of his inventory comes from China.
“So, immediately anything I order from today on, I’m going to get hit with a minimum of a 10% up charge for tariffs on almost all of my lighting, ceiling fans,” said Quinn.
The tariffs have forced Quinn, like many other businesses, to apply the up-charge for customers too.
However, he said products in his store that have already made it in-house, are safe from the tariff up-charge.
“Right now they have the opportunity to come out and buy the merchandise without the tariff on it, but everything that starts coming in will immediately have a price increase on it,” said Quinn. “It’s not just me, if somebody is building a house, they need to go out and get their material before prices go up.”
Quinn also said there are more price increases about to hit consumers other than the tariffs.
“It’s almost like the perfect storm,” said Quinn. “Everything is hitting at once. So, we aren’t just seeing the tariff increases, but we are also seeing freight increases, the labor force over in China is getting more like the U.S., so they’re raising the cost of products coming in. So, you’ve got all these things coming together. You’ve got general product increases and tariff product increases.”
Copyright 2018 KAIT. All rights reserved.