OMAHA, Neb. (KMTV) — The battle for a new trade deal between America and China continues on, as the U.S. announces a tariff percentage hike on Chinese goods.
Back in September of 2018, the U.S. imposed a 10% hike, but on Friday, it raised to 25%. With many businesses importing their products from China, consumers may see some changes to prices.
“The factories will eat some of it, we’ll eat some of it, and hopefully the consumer won’t have to be charged for higher prices,” says Rod Kush, Co-Owner of 7 Day Furniture. “We will hold our margins for as long as we possibly can, and hopefully the tariffs don’t go up any farther.”
Some businesses will have to raise their prices however. As some fear what could happen if China doesn’t back down.
“The most important factor and most important impact is yet to come, and that’s how does China retaliate,” says Ernie Goss, Economics Professor at Creighton University.
If that retaliation means going beyond 25%, some business may look elsewhere to get their products. Many hope it won’t get to that point.
“Hopefully we can come to an agreement and everyone is in a win-win situation,” says Kush.