Jcpenney warns that trump’s tariffs will worsen the retail apocalypse

by MR Magazine Staff

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.