Many trade experts and leading industry professionals are have already shown their concerns about the ongoing trade war between two of the world's top economies, China and the United States. Many industry professionals have said that the tariffs imposed by each country on each other's goods will cause prices to surge exponentially.
Aside from the expected surge in prices, market experts have also shown their distress over the possibilities of market demand going down. Since prices are up, in theory, demands will also slow down.
Surging prices and sales going down are just two of the possible repercussions of the bitter trade war between China and the U.S. Some market analysts said that it will result to some jobs lost, most especially in the U.S.
Recently, the U.S. have released a new set of tariffs against Chinese imports. This new tariffs amount to $16 billion worth of goods and will take effect on Thursday. This new tariffs set by the U.S. have caused the Chinese government to levy its own set of tariffs against some U.S. goods of about the same amount.
Among the most hit by these new tariffs are footwear and apparel goods. According to figures released to the public, all apparel goods from China will be slapped with a 41 percent tariff. This is relatively low compared to the 72 percent tariff imposed on all footwear goods and the massive 84 percent tariff levied on all accessories imported from China.
Market experts have also shown concerns about alternative markets as there are only limited options when it comes to importing said commodities. Among the possible alternatives are Bangladesh, India, Indonesia, and Vietnam.
Some analysts have pointed out that the current American retail industry is still in good shape. However, these new tariffs will have a devastating impact once it hits consumers within the next six to nine months. Concerns and uncertainty are also growing as U.S. President Donald Trump recently publicized his intention to add another $200 billion in tariffs on various Chinese imports.
Despite the bitter trade war between the two superpowers, China and the U.S. have held several meetings since President Trump took office. On these meetings, matters about trade have been discussed as President Trump has shown his dismay about the U.S' massive trade deficit with China.
Just last week, an entourage of Chinese officials led by Vice Minister for Commerce Wang Shouwen met with their U.S. counterparts during a two-day meeting in Washington.
