China has retaliated to U.S. tariffs imposed by President Trump by implementing a significant 34% tariff on all goods imported from the U.S., leading to a steep decline in global stock markets. The Dow Jones dropped notably, prompting Trump to threaten further tariffs on China if the new tariffs aren't retracted. Experts warn that U.S. consumers, particularly homeowners and builders, will face increased costs for essential items due to this conflict. The trade war foreshadows a longer-term economic impact as companies search for domestic alternatives to imports.
Still, the full effects of China's tariffs cannot yet be predicted; however, Realtor.com Chief Economist Danielle Hale warns that homeowners and homebuilders will likely see a surge in the cost of basic home appliances and home decor as a result of the budding trade war.
What this signals for U.S. consumers is that China may be unwilling to negotiate over the tariffs, thus the proposed duties have a higher likelihood of sticking around.
With the majority of our components at BoxHouse currently coming from China, the tariffs have most definitely caught our attention and have accelerated our pursuit for domestic manufacturing.
In response, on April 7, Trump then threatened to add an additional 50% tariff on China, beginning on April 9.
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