Poll: Are you feeling the effects of the trade war?
The peak retail industry body in the US has said the ongoing trade war with China is “punishing” American businesses and families.
With new 10 per cent tariffs on an additional $300 billion in Chinese goods to take effect on September 1, retailers will have no choice but to pass on the extra cost to consumers, the National Retail Federation said last week.
And investors, it would seem, are beginning to worry about the ripple effect on the wider economy.
US and European stock markets closed down on Friday, August 9, prompting Australian economists to predict a weaker ASX on Monday.
Trade Minister Simon Birmingham told the AAP that the trade war was bad news for everyone and having a negative impact on the global economy, with global trade slipping to its lowest level since the 2008-2009 global financial crisis.
Birmingham declined to say whether the trade war will be resolved by Christmas, which could disrupt supply chains and pricing strategies at a crucial time of year for the retail sector.
We’re curious to hear whether you’re feeling the effects of the trade war, either in your supply chain, or consumer demand from the US?
Vote in our poll, and share your thoughts in the comment section below!