Tag Archives: Trump tariffs

Mediaite: ‘It’s Scary’: House Repub Warns ‘Many Businesses’ in His State Will ‘Probably’ Close Soon From Trump Tariffs

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Rep. Don Bacon (R-NE) admitted many businesses in his state will be closing up shop soon if President Donald Trump’s tariffs don’t “change.”

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On Saturday, Bacon said car dealers and other businesses are telling him prices will need to go much higher as there is no time to fulfill demands that were previously not met within the United States. Many car manufacturers also rely on certain components from overseas while they actually build the cars here.

He said:

When I talk to car dealers here in Omaha, they say if these tariffs aren’t revised, the average person is going to pay $5000 more to buy an American car, let along a foreign made car. But an American car will cost that much more because a lot of our parts come from all over the world. We’ve got globally sourced manufacturing for cars and many other things. I have many businesses, just like Josh is saying, they’re probably gonna go out of business if this doesn’t change soon. One gentleman, he has his whole store’s Christmas lights. It’s one of the best Christmas lights stores you’ll ever see. But all of those lights comes from China, so he doesn’t have time to find other sources.

‘It’s Scary’: House Repub Warns ‘Many Businesses’ in His State Will ‘Probably’ Close Soon From Trump Tariffs
Rep. Don Bacon (R-NE) admitted many businesses in his state will be closing up shop soon if President Donald Trump’s tariffs don’t “change.”
‘It’s Scary’: House Repub Warns ‘Many Businesses’ in His State Will ‘Probably’ Close Soon From Trump Tariffs

CNBC: Trump tariffs on China will soon bring ‘irreversible’ damage to many American businesses

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  • On Saturday, the Trump administration said it would exempt technology products like the iPhone, PCs and chips from much of the recently imposed Chinese tariffs.
  • But for most businesses in the U.S., orders from China are being canceled and Chinese freight being shipped could be abandoned.
  • Without a wider pause in the trade war with China, the damage will soon be “irreversible” for U.S. businesses, according to a retail expert, including furniture, toys, apparel, footwear, and sports equipment.

Apple’s iPhone and other technology hardware, from chips to PCs, received a China tariff reprieve from President Trump on Saturday, but for much of the U.S. economy and small business owners, the damage will soon be irreversible from the 145% tariffs being imposed on Chinese imports.

Canceled freight orders and abandoned freight from China are quickly becoming the norm in the trade war between the U.S. and China, according to supply chain executives, as businesses across U.S. industries put a full stop on container exports, with the tariffs hitting like a ton of bricks.

“Furniture producers in China have seen a complete halt in orders from U.S. importers, and we’re hearing the same across toys, apparel, footwear, and sports equipment,” said Alan Murphy, founder and CEO of Sea-Intelligence.

“We had the same across Southeast Asia, but after the 90-day reprieve those bookings have restarted,” said Brian Bourke, chief commercial officer for SEKO Logistics, while the cancelled bookings for containers out of China continue. 

“Almost everything is on hold as it relates to China business,” said Alan Baer, CEO of OL USA.

“Trump’s 145% total tariff on Chinese imports would stop most trade between the U.S. and China,” economist Erica York, vice president of federal tax policy at the Tax Foundation’s Center for Federal Tax Policy, said on Thursday on CNBC’s “The Exchange.”

“There may still be some things without any substitutes that companies just have to foot the bill, but for the most part, that cuts it off,” York said.

How can Americans possibly benefit from this?

https://www.cnbc.com/2025/04/12/trump-tariffs-on-china-mean-irreversible-damage-for-most-businesses.html