The latest round of tariffs imposed by the Trump administration that went into effect Sunday will likely affect school supply prices next year, according to MarketWatch.
The 15 percent tariffs, which apply to $112 billion in Chinese goods, affect items including pencils, crayons, calendars, ballpoint pens, and boys’ and girls’ overcoats and windbreakers.
The items on store shelves shipped months before the tariffs took effect, but they may affect parents at the beginning of next school year, according to Bethany Aronhalt, a spokeswoman for the National Retail Federation.
“Unfortunately, American families could see higher prices in the coming months and throughout the school year as the impact of the tariffs works through the supply chain and companies have no choice but to pass along costs to consumers,” Aronhalt told the publication.
“Small businesses in particular won’t be able to absorb the cost and will be forced to raise prices,” she added.
The ongoing trade war is projected to lead to an additional $831 a year in average costs to American families, according to a May analysis by the Federal Reserve Bank of New York.
Figures in the Trump administration such as trade adviser Peter Navarro and Treasury Secretary Steven MnuchinSteven MnuchinThe Hill's Morning Report - Presented by Facebook - Biden to tackle omicron risks with new travel rules Mnuchin and McConnell discuss debt limit during brief meeting Major Russian hacking group linked to ransomware attack on Sinclair: report MORE have insisted the tariffs will not meaningfully affect American consumers, with Mnuchin saying last weekend that Trump remains “as determined as ever” on the trade fight.
"We aren’t expecting tariffs to have a measurable impact on the busy back-to-school shopping this month because the products on store shelves now were imported months ago, avoiding the taxes that took effect September 1,” Aronholt added in a statement to The Hill. “But parents and college students shopping throughout the school year can expect to pay more in the coming months thanks to new tariffs on everything from apparel and footwear to school supplies and electronics."
"Once the tariffs work through the supply chain, shoppers could see higher price tags, fewer sales and promotions or less items in a pack of goods. The bottom line is that Americans — not the Chinese — are the ones paying for the tariffs," she added.
Updated at 4:11 p.m.