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Examining the Impact of China Tariffs on Importers and Consumers

by Geraldine S.
01/23/2023
in Global Trade, Tariffs & Duties

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A recent study conducted by five major industry groups, representing brands and retailers, has shed light on the added costs imposed by tariffs on imports from China. These tariffs, which were raised in 2018, have had direct and indirect repercussions on companies and consumers alike, particularly in industries such as apparel, footwear, furniture, and travel goods. The study revealed that the direct costs resulting from these tariffs exceeded $1 billion annually for both apparel and furniture imports. Additionally, travel goods incurred over $800 million in costs in 2022, while footwear faced more than $450 million in expenses during the same year.
One notable finding of the study is that the burden of price increases fell disproportionately on lower-income and minority households. However, it also acknowledged the complexity of estimating the tariffs’ impact on price inflation, especially when considered alongside the demand surge and supply chain disruptions that contributed to record inflation during the pandemic. For nearly five years, industries heavily reliant on low-cost Chinese imports have been grappling with the consequences of the Section 301 tariffs. Over this period, China’s share of imports to the U.S. in the covered consumer goods categories has declined. However, disentangling the effects of tariffs from the larger impacts of supply chain challenges and the pandemic remains a challenge.
According to the study, China’s share of total apparel imports dropped from 34% in 2017 to 22% in 2022. In terms of tariff-specific apparel imports, China’s share decreased from 92% to 88%. Footwear imports from China experienced an even steeper decline, falling from 56% to 40% of global imports. Similarly, travel goods from China dropped from 58% to 24% of global imports, and furniture decreased from 49% to 25%. Notably, China’s share of 301 tariff-specific imports in the furniture and travel goods categories remained at 100%. The study also highlighted the indirect costs incurred by companies as they shifted their sourcing away from China. The uncertainty surrounding the tariff exclusion process, ongoing under the Biden administration, further added to these indirect costs.
Companies also had to establish “bifurcated” supply chains to utilize Chinese sources when serving markets outside the U.S. An executive survey included in the study revealed that over 80% of respondents passed at least some of the tariff costs on to customers through higher prices, with an additional 10% passing on all tariff costs to customers. Academic research has corroborated these findings, indicating that consumers bore the brunt of the tariffs. A 2021 study by an economist from American University estimated that the complete set of Section 301 tariffs cost the average U.S. household at least $145 annually. Furthermore, the study found that these import taxes had a more significant impact on lower-income households, constituting a higher share of their spending.

Discover comprehensive supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#IndustryGroups #TariffCosts #ChinaTariffs #ImportCosts #ApparelIndustry #FootwearIndustry #FurnitureIndustry #TravelGoods #SupplyChainImpact #PriceInflation #LowerIncomeImpact #ConsumerGoods #Retailers #USImports #Section301 #BidenAdministration #TradePolicy #SupplyChainDisruptions #GlobalTrade #TradeWarImpact #CostOfLiving #GlobalSourcing

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