American businesses are dusting off a playbook they used during Trump’s first term: stocking up on imported goods before tariffs are enacted. When Trump began his trade war against China in 2018, U.S. businesses scrambled to front-load imports before tariffs were implemented, according to an International Monetary Fund analysis. American companies bought roughly $430 billion of Chinese goods last year, with computer and electronic products making up the biggest chunk. Some economists doubt the U.S. will succeed in raising tariffs to 60% across the board on Chinese products. If tariffs on Chinese products indeed reach 60%, Norton said she might have to stop selling body oil and focus more on her fitness-coaching services.

Source: Wall Street Journal November 20, 2024 05:11 UTC