Resistance to price hikes creates a 'stressful situation' for businesses that cannot afford to absorb the cost of tariffs on Chinese imports, Casabella's Bruce Kaminstein says.
Macy's attempted to raise prices on products such as luggage and furniture earlier in 2019, after those items faced tariffs. But shoppers didn't respond kindly, forcing Macy's to adjust its strategy, Gennette previously said.
The American consumer has, for the most part, continued to show strength amid a global economic slowdown, despite the long-running trade war between the world's two largest economies.its largest monthly declineIf retailers don't accept price increases out of fear of hurting consumers, Kaminstein said another response is to try negotiating down costs with suppliers in China.
But if neither happen, Kaiminstein said Casebella, which employs around 500 people, will "have to make some tough decisions," he said.A second round of tariffs — in addition to Sunday's 15% duties —is scheduled to go into place Dec. 15 on goods such as smartphones and laptops. They would collectively impact about $300 billion worth of Chinese imports.
Trump also has threatened to increase the rate of tariffs on about $250 billion of goods to 30% from 25% on Oct. 1.
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