Given the 5% tariff being imposed on Chinese imports, retailers may need to use dynamic and responsive pricing.
This article highlights the impact of increased tariffs on Chinese imports in the US. An additional 5% tariff will be levied on Chinese imports worth $300 billion, as confirmed by the US Trade Representatives. This hike will be enforced as early as 1 September 2019.
The article cites an Intelligence Node study which revealed that 54% of US consumers are apprehensive about “the impact of tariffs on their wallets.” Of the 1,000 US adults polled, 58% of respondents tend to seek out electronics, retail and apparel goods that are on sale before purchasing.
1 September will see a 15% tariff being applied to footwear and apparel worth $33 billion. “Another round of 15% tariffs” are expected to be introduced on 15 December for electronic good and toys.
[2 minute read]