Industry Braces For Holiday Tariff Impacts As US-China Trade War Continues
“With some products facing tariffs as high as 30%, many businesses will have no choice but to pass along those costs to consumers,” an industry coalition called Americans for Free Trade asserted in an August letter to President Donald Trump in response to proposed escalations of tariffs on Chinese goods. “Price increases will likely hit shoppers just as they are making their holiday purchases,” the group noted.
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Fragrance industry advocates say 10% to 15% of raw materials used in fragrance come from China, many subject to tariffs imposed in the US-China trade war. The COVID-19 pandemic highlights the need for tariff relief, as fragrance plays a vital role in germ-killing and personal hygiene products in high demand, commenters tell the USTR.
There are signs of progress in US trade relations and tariff disputes in the EU and China, but visibility is never assured under the administration of President Donald Trump in a volatile global climate.
Essential oils no longer on list of products slated for EU tariff increases effective 18 October, a win for US fragrance industry facing uncertainty in tumultuous global trade climate. Fragrancy industry, like dietary supplement manufacturers, still face higher tariffs on imports from China as next round of hikes is scheduled to start 15 October.