Most retailers already stocked up over the summer and early fall on items affected by the tariffs.
Over the last year and a half, retailers have watched the dizzying pace of the U.S.-China trade war with a growing sense of trepidation.
“In 2020, it will be a big deal,” said James Bohnaker, economist at research and analysis firm IHS Markit.Earlier rounds of tariffs levied by the Trump administration on Chinese goods largely targeted so-called intermediate goods, such as aluminum and plastic sheets, which are not finished products that can be bought in stores.
Since the tit-for-tat trade war began in spring of last year between the U.S. and China, that industry was hit by $15.5 billion in tariff costs that were either absorbed by manufacturers or passed on to consumers. The higher costs mostly applied to components and tech accessories such as cables and cellphone cases, said Rick Kowalski, senior manager of industry and business intelligence at the Consumer Technology Assn. trade group.
Tom’s Model Inc., a 39-year-old toy company in downtown Los Angeles, upped its orders for a signature product, a battery-operated canine called the Lucky Dog, and ate a 10% price increase. The company has sold the $5.99 toy since its early days and it has nostalgic appeal, said Tommy Yip, owner of Tom’s Model and son of the founder.
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