Local Store Owners Worried Tariffs on Chinese Goods Could Raise Prices by 25%
This week, President Trump threatened to put tariffs on nearly $300 billion worth of Chinese goods.
The U.S. has already raised tariffs on $200 billion on Chinese imports.
The back and forth trade ware has negotiations between the two nations at a stand-still.
As the trade war with China escalates, even Northern Michigan businesses are starting to feel the pressure.
New tariffs could threaten more than 5000 everyday consumer goods and raise their price by 25%. Everything from shampoo to apples could be affected.
Michele Dansereau owns Brain Storm toy and game store in Suttons Bay and many of her products are manufactured in China.
“A lot of our stuff comes from China. A lot. My biggest concern is games,” said Dansereau. “I want people to have fun in here and not get sticker shock…I don’t want to raise prices. I don’t.”
But toys and games are just one piece of the puzzle and just some of the items that could be impacted.
Store owners are still waiting to find out how it could impact them and if they will pass on a cost to their customers.
Furniture is another industry that could be hit hard by this trade war.
Mike Mahn owns Today’s Golden-Fowler Home Furnishings and 90% of his stock is American-made. But even American companies rely on parts and materials made in China.
“Fabric mills in China supply a lot of the furniture industry and goods that are made in America, might have fabric that comes from China,” said Mahn.
Mahn added that many home accessories could also be impacted by tariffs.
“Smaller things like accessories wall art, certain wall art, table top accessories, lamps that sort of thing are going to be likely from China,” said Mahn.
For Mahn and Dansereau, the trade war is a waiting game.
“Basically it’s waiting to see what happens, it’s a waiting game right now,” said Dansereau.