President Donald Trump's trade war is intensifying, with new tariffs set to take effect this week that will impact most of America's trading partners.
All countries will now face at least a 10% tariff, while others will see import taxes ranging from 15% to more than 40%. Companies like Pennsylvania-based Hershey and Procter & Gamble are already warning of price increases.
We begin with President Donald Trump's
intensifying trade war this week. New
tariffs are set to take effect,
impacting most of America's trading
partners.
>> Yeah. All countries will now face at
least 10% tariffs. Others will face
import taxes ranging from 15% to more
than 40%. Companies like Pennsylvania
based Hershey as well as Proctor and
Gamble are already warning about what
these hikes might mean. Our Nidia Hine
joining us now live in Center City with
details about the wide-ranging impact
and how this might be felt by all of us.
Nidia?
>> Yeah, Sarah and Brian. A new poll
reveals the cost of groceries as a quote
major source of stress for about half of
Americans already. And with new tariffs
set to go into effect this week, the
price of staples and all kinds of other
items will go up even further.
>> See, I think every parent is hurting.
Nicola Bell is no exception. As prices
on all kinds of items like bananas,
coffee, grains, snack, fish, medicine,
and cleaning products are expected to
rise. Belle says shopping for a family
of four is already painful.
>> You can't get it under $300. Like that's
the bare bones minimal. You know, things
like uniforms, school bags, all the
equipment that they need for school. Of
course, that's very, very expensive.
Belle is also a small business owner.
She's frontloading product for Suri Hill
Stones, which sells crystals and
minerals imported from Brazil.
>> We have the baseline tariff, which is
10% and then there's another 40% stacked
on top.
>> Will you be passing along this cost to
consumers?
>> Well, there there is no other way. I
mean, very very few businesses get like
50% margin, you know, after everything's
paid out.
>> The impacts are wide ranging. The
sticker price on big ticket items like
furniture, appliances, electronics, and
cars could go up immediately. Prices on
alcohol could spike next month.
>> Everything that we bring in is
effectively 15% more expensive than it
was.
>> Kurt Goldman is the CEO and co-founder
of CNI Brands. The Bucks County based
spirits company distributes, among other
things, a unique lur distilled only by
Comier in France. We're doing our best,
but the truth of it is there is a
trickle down effect and and everybody's
going to be feeling the brunt of this.
>> From consumers who shop at liquor stores
or drink and dine out to restaurant and
bar owners to employees.
>> We had intended to hire a few more
Pennsylvania residents here to work in
sales and marketing for our company. And
now, unfortunately, we're probably going
to put those plans on ice.
Now, Belle also expects a ripple effect.
A drop in sales of her Philadelphia
based business will mean her family has
less to spend on the local economy, too.
Now, President Trump says these new
tariffs are aimed at reshaping and
winning on global trade, but Bell and
Goldman say they don't see any winners
right now. Live on South Street, I'm
Nidia Han, Channel 6 Action News. Okay,
Dydia, thank
