{"id":82542,"date":"2024-11-13T06:18:44","date_gmt":"2024-11-13T12:18:44","guid":{"rendered":"https:\/\/texasmetronews.com\/?p=82542"},"modified":"2024-11-13T06:18:47","modified_gmt":"2024-11-13T12:18:47","slug":"businesses-preparing-to-raise-consumer-prices-to-offset-trump-tariff-costs","status":"publish","type":"post","link":"https:\/\/texasmetronews.com\/82542\/businesses-preparing-to-raise-consumer-prices-to-offset-trump-tariff-costs\/","title":{"rendered":"Businesses Preparing To Raise Consumer Prices To Offset Trump Tariff Costs"},"content":{"rendered":"\n<p class=\"\"><strong>By Black Information Network<br>Atlanta Voice<br>Reprinted &#8211; by Texas Metro News<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/atlantatribune.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-11-144117.png?w=880&#038;ssl=1\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"\">Photo: Getty Images<\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/www.binnews.com\/content\/2024-10-31-what-trump-his-allies-say-he-will-do-if-he-wins-presidency\/\" target=\"_blank\" rel=\"noreferrer noopener\">President-elect&nbsp;<\/a><a href=\"https:\/\/www.binnews.com\/content\/2024-10-31-what-trump-his-allies-say-he-will-do-if-he-wins-presidency\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Donald Trump\u2019s<\/strong><\/a><a href=\"https:\/\/www.binnews.com\/content\/2024-10-31-what-trump-his-allies-say-he-will-do-if-he-wins-presidency\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;plan<\/a>&nbsp;to impose blanket tariffs on all imports and a 60 percent duty on goods from China has several major businesses gearing up to raise consumer prices, per the&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/business\/2024\/10\/30\/companies-tariffs-trump-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Washington Post<\/em><\/a>.<\/p>\n\n\n\n<p class=\"\">Trump has argued that his policy will increase the manufacturing and purchasing of U.S.-made products. According to Trump, companies moving their production back to the U.S. will be a less costly option than shipping goods from abroad.<\/p>\n\n\n\n<p class=\"\">\u201cThe higher the tariff, the more likely it is that the company will come into the United States and build a factory in the United States, so it doesn\u2019t have to pay the tariff,\u201d Trump told Bloomberg last month. \u201cThe (exporting) countries will pay.\u201d<\/p>\n\n\n\n<p class=\"\">However, American companies ordering retail goods, manufacturing components, or raw materials from abroad usually pay tariffs to U.S. authorities and not their foreign suppliers, per the Washington Post. Companies then pass the majority of these additional costs to the consumer.<\/p>\n\n\n\n<p class=\"\">According to the Post, companies relying on imports have already started to prepare price hikes for their consumers.<\/p>\n\n\n\n<p class=\"\">These companies include makers and retailers of clothing, footwear, baby products, auto parts, and hardware. Added costs from Trump\u2019s tariffs will force these companies to raise their prices and likely exasperate shoppers&nbsp;<a href=\"https:\/\/www.binnews.com\/content\/2022-04-01-us-adds-431000-jobs-to-economy-amid-rising-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">following years of inflation<\/a>.<\/p>\n\n\n\n<p class=\"\">According to experts, the average household could spend an additional $1,700 to nearly $4,000 annually due to tariff expenses.<\/p>\n\n\n\n<p class=\"\">Some businesses started ordering large volumes of imports to gear up for a potential Trump presidency. Others have begun replacing suppliers based in China with new partners in other nations where fewer duties may be applied.<\/p>\n\n\n\n<p class=\"\">\u201cWe\u2019re set to raise prices,\u201d<strong>&nbsp;Timothy Boyle<\/strong>, chief executive of Columbia Sportswear, told the Post. \u201cWe\u2019re buying stuff today for delivery next fall. So we\u2019re just going to deal with it and we\u2019ll just raise the prices.\u2026 It\u2019s going to be very, very difficult to keep products affordable for Americans.\u201d<\/p>\n\n\n\n<p class=\"\"><strong><em>The Black Information Network is your source for Black News! Get the latest news 24\/7 on The Black Information Network. Listen now on the&nbsp;<\/em><\/strong><a href=\"https:\/\/www.binnews.com\/apps\/\" target=\"_blank\" rel=\"noreferrer noopener\"><u><strong><em>iHeartRadio app<\/em><\/strong><\/u><\/a><strong><em>&nbsp;or click&nbsp;<\/em><\/strong><a href=\"https:\/\/www.iheart.com\/live\/black-information-network-8666\/\" target=\"_blank\" rel=\"noreferrer noopener\"><u><strong><em>HERE<\/em><\/strong><\/u><\/a>&nbsp;<strong>to tune in live.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Black Information NetworkAtlanta VoiceReprinted &#8211; by Texas Metro News Photo: Getty Images President-elect&nbsp;Donald Trump\u2019s&nbsp;plan&nbsp;to impose blanket tariffs on all imports and a 60 percent duty on goods from China [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":82543,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[3830,26436,26434,26433,26435],"class_list":["post-82542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-black-business","tag-consumer-impact","tag-price-hikes","tag-trump-tariffs","tag-u-s-manufacturing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Businesses Preparing To Raise Consumer Prices To Offset Trump Tariff Costs - Texas Metro News<\/title>\n<meta name=\"description\" content=\"By Black Information NetworkAtlanta VoiceReprinted - by Texas Metro News Photo: Getty Images President-elect&nbsp;Donald Trump\u2019s&nbsp;plan&nbsp;to impose\" \/>\n<meta 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