Fibre2Fashion News Desk
American businesses and consumers have been adversely affected by the imposition of the punitive Section 301 tariffs that began in 2018, as per a recent study conducted by American industry bodies.
The three key findings of the study are negative impact of the tariffs—higher costs and higher prices—fell on US companies and American families; the tariffs have led to a host of significant indirect costs, including those associated with attempts to establish bifurcated supply chains; and increased prices on consumer goods have had a greater negative impact on American households for which those goods represent greater shares of household income. These were households in the lowest 20 per cent of income groups, minority-headed households, and households headed by individuals without a college education.
