Minnesota Retailer Warns About Rising Prices On Everyday Goods
Is everything getting more expensive lately, or is it just me and my cable bill? As you go shopping for things like groceries, clothing, furniture, or other basic goods over the next few months, you may notice that the prices on everyday items seem to be rising. That's most likely because the United States is currently engaged in an escalating trade war with China, which has led hundreds of retailers across the country - including Minnesota's own Target - to speak out.
After President Trump's new 10% tariff on $200 billion in Chinese goods, Target's chief merchandising officer stated in a letter that the retailer is "deeply troubled" by the escalating trade war with China, warning that this will raise prices on everything from clothing to home goods, shoes, children's products, furniture, and other basic family necessities.
Other retailers like Walmart, Sears, Petland, Dollar General, IKEA, Kohl's, the Gap, and Under Armour also sent letters that opposed the new tariffs, arguing that the rising prices will harm lower-income American families.
It's a bummer that this is happening before the holidays (and it'll be interesting to see what shakes out with this trade war), but hopefully I won't cringe too much the next time I'm buying a new pair of socks.