You’re Already Paying Tariffs On Clothing And Shoes, And Have Been For Almost 90 Years
Retail experts think consumers should be scared of tariffs. “One hundred billion in further tariffs is beyond frightening,” says American Apparel & Footwear Association CEO Rick Helfenbein as the Trump administration is proposing an additional $100 billion in tariffs on products imported from China, beyond the $50 billion detailed earlier this week. But tariffs aren’t new to retail. In fact, American consumers have been paying for tariffs on clothing and shoes since the 1930 Smoot-Hawley Tariff Act. The current average duty rate paid for all goods the U.S. imports is 1.4 percent, while the average tariff on travel goods and footwear is about 11 percent, according to the AAFA. While apparel and footwear have not been specifically listed (yet) as targets of further tariffs, most that study trade say there are only so many categories the U.S. imports from China, making it almost inevitable these categories are next. Read more at CNBC.
