The movement to stockpile Chinese products is also accelerating… Record number of cargo flights from China
“Pre-tariff sale!”
Facebook screen capture of American furniture retailer ‘Finally Home Furnishing’. Resale and DB prohibited]
(Seoul = Yonhap News) Reporter Hwang Jeong-woo and Lee Bong-seok = “Sale before tariffs! This is not training.”
This is a post posted on Facebook by Finaly Home Furnishing, an American online furniture retailer. This company started a promotion saying, “If tariffs are imposed, the price you are seeing now will double.”
“There is a misconception that exporting countries will bear the cost of tariffs, but that is not true,” said CEO Sydney Arnold, adding that price increases will ultimately be passed on to consumers.
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Not only this company, but also other stores that sell outdoor goods and beauty products are engaging in marketing campaigns urging people to buy now before prices rise due to tariffs proposed by President-elect Donald Trump, the US daily Wall Street Journal (WSJ) reported on the 29th (local time). reported.
Earlier this month, the National Retail Federation (NFR) released an analysis showing that if tariffs are imposed on six items, including clothing, toys, furniture, home appliances, shoes, and travel goods, most prices will increase by more than double digits.
Currently, most of the tariff rates on these items are in the single digits or in the low 10% range, but if the universal tariff of 10-20% and the tariff of 60-100% on Chinese imports are applied, the average tariff rate will exceed 50%.
Recently, President-elect Trump announced that on the day of his inauguration in January next year, he would impose a 10% tariff on China in addition to additional tariffs, and a 25% tariff on Mexico and Canada each.
It’s unclear how the tariffs will ultimately be imposed and how much they will affect prices, but businesses worry they will dampen consumer spending.
Best Buy warned of falling demand for consumer electronics, while retail giants Kohl’s and Target said clothing sales fell in recent quarters.
US Black Friday Sale
[AFP 연합뉴스 자료사진]
Small and medium-sized businesses, in particular, are concerned that rising prices will cause shoppers to spend less and make more careful choices when purchasing products.
In a recent email to customers, beauty brand Jolie Steen promoted, “Lock your price now” before tariffs increase prices.
They say that the price of faucets containing filters, which are the flagship products of this brand, will rise by 25% when tariffs are imposed, so people should hurry up and buy them.
In a Facebook post promoting a Black Friday sale with up to 35% off select tents, sporting goods retailer Tarften said: “This is the best discount we can offer until this time next year, and with tariffs likely to come in, it will be the best discount for much longer than that.” “It could be the price,” he wrote.
Joe Onorato, president of J&J Sports Services, a custom fishing rod manufacturer that sources many of its materials from companies that import components made in Asia, also posted on Facebook on the 11th of this month, “Buy now… tariffs are no joke,” and said he would stay on the market for as long as possible. They advertised that they would hold on, but they could be sure that this could be the last ‘sale’.
Anthony Ruiz, an artist who sells custom-designed stickers online, plans to stock up by ordering more from manufacturers in China before January next year to avoid price increases.
The WSJ reported that some influencers active on TikTok also appeared to be riding the tariff craze, urging people to buy their favorite products in large quantities now.
Bloomberg News reported on this day that the movement to stockpile Chinese products ahead of the Trump tariffs has also accelerated, with the number of international cargo flights departing from China increasing to a record level.
According to Chinese Ministry of Transport data cited by Bloomberg, the number of international cargo flights to and from China reached 3,485 last week, the highest since March 2023, when China lifted border controls due to the COVID-19 outbreak.
This is the first time that the number of cargo flights exceeded 3,400 for three consecutive weeks.
The number of cargo flights to China from January to October this year increased by 73% compared to the same period last year, and the number of cargo ship operations also increased by 8.3%. Road and rail freight traffic also showed double-digit growth.
Bloomberg pointed out that China is in an export boom period, with total exports expected to hit an all-time high this year.
He predicted that this trend could further strengthen as companies in the United States try to import as much as possible before President-elect Trump imposes additional tariffs on products from countries such as China, Mexico, and Canada.
Report via KakaoTalk okjebo
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2024/11/29 17:11 Sent
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