JCPenney Warns That Trump’s Tariffs Will Worsen The Retail Apocalypse

JCPenney is sounding the alarm on the brewing trade war between the US and China. The US has slapped a new tariff on $200 billion worth of Chinese goods, Business Insider previously reported. JCPenney’s counsel David M. Spooner came out against the opening salvo of the trade war in a letter to US trade representative Robert E. Lighthizer. According to Spooner, the tariffs will burden middle-class shoppers and may even amp up the retail apocalypse. “No retailer will be able to simply absorb the cost of a 10% percent tariff, much less a 25% tariff in today’s ultracompetitive retail environment,” Spooner wrote in the September 6 letter. “That means consumers will pay higher prices.” Read more at Business Insider.