Industry leader: Tariff impact will hit consumers in six to nine months
A leader of a U.S. retail industry association gave a dire prediction of the long-term impact of the tariffs on Chinese imports.
"What's going to happen down the road is very simple — prices will go up, sales will go down, jobs will be lost. This will have a negative impact on the economy," Rick Helfenbein, president and CEO of the American Apparel and Footwear Association, said on CNBC's "Squawk Box."
Helfenbein made his remarks on the heels of strong second-quarter results from an array of U.S. retailers, from Target to Home Depot to Nordstrom. He warned that the impact of the new tariffs will hit consumers in six to nine months.
“We are watching the Titanic sail out of port here; this is not a good thing," he said.
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"What's going to happen down the road is very simple — prices will go up, sales will go down, jobs will be lost. This will have a negative impact on the economy," Rick Helfenbein, president and CEO of the American Apparel and Footwear Association, said on CNBC's "Squawk Box."
Helfenbein made his remarks on the heels of strong second-quarter results from an array of U.S. retailers, from Target to Home Depot to Nordstrom. He warned that the impact of the new tariffs will hit consumers in six to nine months.
“We are watching the Titanic sail out of port here; this is not a good thing," he said.
Click here to read more.