Analyst: Trump’s tariff timing ‘could not be worse for retailers’
August 5, 2019
Many retailers are in the process of shifting production of goods away from China to other Asian nations such as Vietnam. President Trump’s announcement last week that the U.S. would impose an additional tariff of 10 percent on Sept. 1 to cover the remaining $300 billion worth of goods imported from China makes it virtually impossible for many retailers and brands to move remaining production to other places in time for the fourth quarter. “Given how crucial the fourth quarter is for retail…this timing could not be worse for the retailers. They can’t move quickly enough to move production. The goods are landing shortly for the Christmas and holiday season,” Bank of America retail analyst Lorraine Hutchinson told The Final Round.
Recent News
TikTok Suspends TikTok Lite Rewards Program in the EU
A TikTok service offering rewards such as gift vouchers for watching videos has been suspended by the social media site.
FCC Votes To Restore Net Neutrality Rules
The Federal Communications Commission (FCC) voted 3-2 on Thursday to reinstate net neutrality rules that were rolled back during the Trump administration.
Blackstone To Buy Tropical Smoothie Cafe
Alternative asset manager Blackstone is set to buy the restaurant chain Tropical Smoothie Cafe.
Ford’s Total EV Sales Post $1.3 Billion Loss in Q1
Ford’s EV division, known as Model e, faced a tough start to 2024.