Most Americans haven’t yet felt the pain of the tariffs Trump imposed last year, which largely hit industrial components rather than consumer goods. But that’s changing as Trump escalates his standoff with Beijing.
Farmers in the heartland, many of whom backed Trump because of his promise to rein in the top US economic competitor, are anxious about the threat of renewed retaliatory tariffs after China canceled purchases of US soybeans last year.
Both Walmart and Macy’s say they might need to raise prices if Trump goes ahead with expanding tariffs to cover almost everything China exports to the US, from toys to clothes and hardware.
And his move this week to limit the reach of major Chinese telecommunications company Huawei, which sells cheap equipment chiefly to small, rural phone and internet service providers, could wind up raising prices for customers in the heartland.