- JCPenney predicted that the Trump administration’s tariffs on Chinese goods will hike up prices and negatively impact its middle class customers.
- In a September 6 letter to US trade representative Robert E. Lighthizer, the retail chain indicated that the tariffs would worsen the retail apocalypse.
- The retailer’s counsel David M. Spooner requested that the Trump administration remove products like clothing and household goods from the list of tariffs.
- “Let’s not burden a mom, juggling a job and a family, with extra taxes,” he wrote.
The US has slapped a new tariff on $200 billion worth of Chinese goods, Business Insider previously reported.
JCPenney’s counsel David M. Spooner came out against the opening salvo of the trade war in a letter to US trade representative Robert E. Lighthizer. According to Spooner, the tariffs will burden middle-class shoppers and may even amp up the retail apocalypse.
“No retailer will be able to simply absorb the cost of a 10% percent tariff, much less a 25% tariff in today’s ultracompetitive retail environment,” Spooner wrote in the September 6 letter. “That means consumers will pay higher prices.”
The Trump administration’s tariffs on Chinese products will hold at 10%…