The new round of tariffs on Chinese goods will have devastating effects on retail and consumers, Rick Helfenbein, president and CEO of retail trade group American Apparel & Footwear Association, told CNBC on Monday. “I’m surprised today the Dow reacted so modestly. People don’t realize the impact that this is going to have at retail. This will be devastating,” Helfenbein said on CNBC’s “Power Lunch.” The latest round of tariffs targeting U.S. and Chinese goods went into effect Monday. The Trump administration levied tariffs of 10 percent on $200 billion of Chinese products, including furniture and appliances, with the rate set to increase to 25 percent by the end of the year. In response, Chinese President Xi Jinping’s government said it would impose taxes on 5,207 U.S. imports worth about $60 billion. The U.S. and China have already applied tariffs to $50 billion of each other’s goods — moves that threaten to derail global supply chains. The Dow Jones Industrial Index dropped 151.29 points to 26,592.21 on Monday. Read more at CNBC.