Prices of leather goods, clothing, furniture and consumer electronics are expected to increase sharply for US households in the coming months because the country relies heavily on imports from nations targeted by Donald Trump’s sweeping tariffs, according to analysts.
Economists at the Richmond Federal Reserve forecast the US president’s so-called reciprocal tariffs, which are due to take effect on Wednesday, will have a “disproportionate impact” on various industries that import manufactured goods from Asia, including leather and apparel.
Goods imported to the US from China face tariffs of more than 104 per cent after the White House on Tuesday said Trump was pushing ahead with a further escalation of his trade conflict with Beijing.
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