AGAWAM, Mass. (WWLP) – At least 14 countries’ imports are set to face steep blanket tariffs starting next month. It’s expected to have some effect on consumers’ wallets.
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The tariffs that were set to go into effect on July 9th have been delayed until next month for countries including Japan. This means consumers will have a little more time before seeing price increases.
U.S. officials began sending letters to some countries Monday, warning that higher tariffs could start on August 1st. The rates range from 25% to 40%. Countries like Japan and South Korea could see 25% tariffs on imported goods like cars, machinery, and electronics if the countries do not agree to a trade deal. This could cause Car auto repair shops like Parrotta’s in Agawam to feel the pinch.
“A lot of parts come from these places,” says Owner of Parrotta’s, Bruno Parrotta. “The 25% could affect us. We’re hoping not to see that. We already saw a small $5 increase on batteries. And we’re seeing more parts being on backorder than we used to before.”
President Trump’s latest action comes two days before the expiration of the 90-day pause he placed on his country-specific reciprocal tariffs in early April. Since then, almost all goods the U.S. imports have been subject to a minimum 10% tariff.
After the announcement, U.S. financial markets closed down on Monday. Political Consultant Anthony Cignoli also raises questions aside from stock market and economic growth fears.
“Already, you’ve got major retailers unable to make purchases or to look forward to what it is that they would be buying for the Christmas season, for example. They did those buys three months ago. So it’s been weird for them. And that, I think, is what the stock market takes a look at. This is complicated,” Cignoli adds. “What if this pushes some of our allies, some of our trading partners, to do more business with China or other nations that are not favorable to the United States, our allies?”
The U.S. has announced only general frameworks within the United Kingdom and Vietnam, as well as a preliminary agreement with China. But President Trump is confident that tariffs are necessary to bring back domestic manufacturing and fund the tax cuts he signed into law last Friday.
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Source:: News – Boston – wwlp
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