Another wave of tariffs is right around the corner, and the timing ‘could not be worse for retailers,’ according to a Bank of America Merrill Lynch analyst.
Trump announced on Twitter that on September 1, the US will implement an additional tariff of 10% on the remaining $300 billion of goods from China. The President then went on to say that the new duties would not include the $250 billion of items that have already been tariffed at 25%.
In a note to investors, Bank of America retail analyst Lorraine Hutchinson said that while retailers have been rapidly moving production out of China into other areas of Southeast Asia over the past decade, only 16% of production remains in China… Yahoo! News