President Trump’s September tariffs are going to eat into the profits of US retailers, according to American Apparel & Footwear Association CEO Rick Helfenbein. “We are five days from retail Armageddon,” he told FOX Business’ Ashley Webster on “The Claman Countdown.” “If we get hit with these tariffs, this is a one way ticket to retail ugly.”
Last Friday, President Trump tweeted the US would raise existing tariffs on $250 billion in Chinese products to 30% from 25% on October 1 and will lift duties on another $300 billion worth of Chinese goods to 15% from 10% on September 1.
“You know what’s going to happen on the 1st? Most of the apparel is going to get hit and about half the footwear is going to get hit and this is our selling season,” he said. “We know the president loves Christmas…we hope he doesn’t want his administration to be the Grinch. We don’t make that much money and 15 percent is going to take away the profits of retailers.” Helfenbein said retail stocks have been feeling the heat from Trump’s… Fox Business