WILMINGTON, NC (WWAY) — Could you start seeing prices rise on some of your everyday items?
As the trade war wages on, the U.S. has raised tariffs on billions of dollars worth of goods imported from China.
As of Friday, taxes on $200 billion worth of Chinese goods will go up from 10% to 25%. So what does this means for Americans?
“There is a good chance that the articles that are made in china now are going to increase in cost,” attorney Teresa Polino said.
Polino says this is because of either the taxes themselves, or because those products will have to be imported from a more expensive country.
Polino says this tax increase could have two effects.
“One is just that people change their sourcing,” she said. “They’re just moving out of china and finding other countries to buy from. The other is that they are moving production back into the United States.”
In a port city like Wilmington, we see all sorts of imported goods pass through.
Polino says consumers could see prices go up on items ranging from clothes and shoes, to household appliances. But she says the tax increase could benefit the country too.
“One is to bring back some of the businesses, the manufacturing and so forth,” she said. “Bring that back to the U.S. It creates jobs. It creates higher wages.”
Polino says that whatever the outcome, Americans will feel the effects on some level. She says it will likely take a month or two to start seeing the prices of goods change.
She also says China could retaliate, which could hurt local businesses who export their items because they could end up having to pay more to money to export.