By Ben Unglesbee
- Tariffs hikes in 2018 on imports from China of apparel, footwear, furniture and travel goods have raised indirect and direct costs for companies and prices for consumers, according to a new study released last week by five major industry groups representing brands and retailers.
- Direct costs from the tariff amounted to more than $1 billion annually each for apparel and furniture imports, as well as nearly $800 million in 2022 for travel goods and over $450 million in 2022 for footwear.
- According to the study, price hikes fell disproportionately on lower-income and minority households. However, it also notes the difficulty in estimating the impact of tariffs on price inflation compared to the demand surge and supply chain backups that led to record inflation in the pandemic era.
Read more at supplychaindive.com