In the latest escalation of U.S.-China trade tensions, China will institute new tariffs on $60 billion worth of U.S. goods on Sept. 24.
Macy’s CEO Jeff Gennette is one of many retail industry leaders who has acknowledged the potential impact of the tariffs, telling CNBC that they would “affect a department store retailer more significantly because of the apparel pieces that are going to be part of it. What I can say is that we’ve been looking at our own supply chain, we’ve been looking at our own private brands and we’ve prepared for this.”
Beijing will impose levies on a total of 5,207 U.S. products — ranging from liquefied natural gas to certain types of aircraft as well as cocoa powder and frozen vegetables — at 5% and 10% rates, instead of previously proposed rates of 5%, 10%, 20% and 25%, according to the Chinese Finance Ministry.
On Sept. 17, President Donald Trump announced plans to impose 10% percent tariffs on $200 billion worth of Chinese imports, effective Sept. 24. Those duties will rise to 25% on Jan. 1, 2019.The world’s two largest economies already have applied tariffs to $50 billion of each other’s goods.
Trump warned that if China…