Anyone who knows even an iota about economics understands that president Donald Trump’s tariffs will raise the cost of goods in the United States. Target and Walmart stores are both warning of higher prices on goods which means stores are pushing the cost of the tariffs onto the backs of the American consumer.
This was warned about by many who understand economics long before the tariffs actually went into effect. The import tax on goods won’t be paid by the Chinese government, but by the American consumer in the form of higher prices, or the American worker in the form of lost jobs. Simply put, an increase in the cost of necessary goods will push families living paycheck to paycheck into the red every month.
According to Market Watch, Walmart Inc. and Target Corp. are among the large retailers and food companies that have sent a letter to U.S. Trade Ambassador Robert Lighthizer warning that proposed tariffs on $200 billion on Chinese goods would hurt consumers and American businesses. Walmart is warning that these new tariffs also put their commitment to purchase “$250 billion in products that support American jobs” at risk. The taxation of the economy has begun and Americans are going to pay for it.
Walmart, the biggest retailer in the US, warns that this is only the beginning too. If consumers have trouble paying the higher prices now, they won’t be any more secure after the start of the year. The 10% tax on Chinese imports will rise to 25% on January 1, 2019, according to members of the Trump administration. These tariffs will hurt those with little or no disposable income the hardest.
“For lower-income families, a 25% tax on these items would be a serious burden on household finances,” Walmart wrote. “Walmart and our suppliers will pay the cost of increased duties, which are simply taxes levied on products at the border. As a result, either consumers will pay more, suppliers will receive less, retail margins will be lower, or consumers will buy fewer products or forego purchases altogether.”
Target’s Chief Merchandising Officer Mark Tritton says that retailer is “deeply troubled by and strongly oppose” tariffs, and expressed “disappointment” that the administration would continue to threaten tariffs that will “penalize American families,” according to Market Watch. “We want nothing more than to play a role in building a stronger and more prosperous American economy for the people we serve,” Tritton wrote. But this additional tax on American families may be too much for most families to absorb.
The National Retail Federation’s President Matthew Shay declares that “thousands” of businesses consider this a “tax on American families,” and we would have to agree. Not to mention the inflation that will come about thanks to these ridiculous taxes/tariffs. “It’s disappointing that, despite the voices of those impacted, the administration continues to advance harmful tariff policies that threaten to weaken the U.S. economy,” the statement said. “We cannot afford further escalation, especially with the holiday shopping season right around the corner.” Indeed, but the government never listens nor do they care and it is fascinating that people still find any government entity relevant. Perhaps Americans should bypass the government altogether and return to a barter system working together to help each other through mutual and voluntary trade.
According to Bloomberg, there are even bigger concerns if Americans refuse to accept that the government is causing their financial distress. If tariffs cause price increases to accelerate (which we should all be aware by now that that is the case), the most natural outcome will be for the Federal Reserve to step up its cycle of raising interest rates. “Policymakers” aka, the ruling class, is still concerned that the economic recovery they fabricated after the recession they caused is fragile, and as a result, they have favored moving very slowly on rate increases…until now. Interest rate increases will also make it more difficult for those already in debt to pay back their loans, pushing already strapped families to the brink.
The best thing anyone can do is to prepare now. A financial meltdown is all but imminent, but if you can take a few steps to minimize the impact, you may come out fairly unscathed.
How To Best Prepare Yourself For The Coming Financial Crisis
You can also give yourself a headstart by reading The Prepper’s Blueprint by Tess Pennington. The book is expertly laid out to take anyone through a prepping routine that will allow even the most novice of survivalist to brace themselves for what could come. If we have learned one thing studying the history of disasters, it is this: those who are prepared have a better chance at survival than those who are not.
Better higher prices at Walmart than eventual foreclosure on or ownership of America by China to pay off our cumulative debt to them.
Something that is already in progress if you look at the ever increasing amounts of real estate and businesses being acquired by them.
So the real question would be, should we encourage American or Foreign ownership of America?
Tariffs to equalize trade inequities and eliminate American indebtedness to foreigners are the answer if you think American ownership is better than foreign ownership. No tariffs would be the answer if you prefer foreign ownership.
Walmart and Target didn’t warn Americans that they would all lose their jobs when the stuff they made was now made in China.
Would I prefer getting $30 wages and benefits but paying $10 for T-shirts, or getting $10 wages without benefits and paying $5 for T-shirts I can’t afford?
The store, chain restaurant, or other employer, cannot exist in the real world, where it requires a warm body at whichever post, yet cannot cover life support.
If they were black people on chains or Medieval peasants, you would still have to provide for their biology, not run the place like an insane cat lady.
Mathematically and scientifically, your brands are something worse than a slave ship or zoo.
Simple: don’t buy new things. When I was newly married and for most of the first ten years of marriage, we didn’t buy new things. Even the kids clothing was often hand-me-downs. And in turn, we took gently worn clothing and gave them away to others.
You do not need new things. Why do people presume this? Our ancestors were not wealthy and they bought used things as well.
Most of my vehicles were purchased used as well. Many items were bought used like appliances, and I kept them running for YEARS. And most often we gave things away to young couples and occasionally to refugees we mentored.
If you believe it’s a worthy goal to rebuild American industry so that young Americans have a future, then we MUST have tariffs to reinvigorate our economy.
Many of the items in your home can be given to people in your congregation. If you foster that kind of ministry, then every kid will have bikes, have clothing (for they grow so quickly that it’s foolish to buy these new), computers work fine for general purposes, etc.
You are so right! The ones worried is Walmart and Target because they know it’s their bottom line that’s going to be hurting!
I was a kid a LONG time ago. Back then, my mom would buy clothing that was too large for me, and hem the length and the waist, then let it out as I grew. That’s how frugal my parents were. She patched my jeans with iron ons if the holes were too large. But since that was embarassing and since it was work for her, I was careful when playing outside. My friends all had similar parents doing the same frugal things.
Not once growing up did I have more than three pairs of pants, and I felt spoiled the first time I had seven shirts to choose from.
Military families had to be extra frugal as there budgets were tight. My kids never had to face anything like that.
Young people today are so spoiled…and it shows.
Who the hell do you think is going to pay the “Tax”? tariff my ass. And whom do you think is getting those “Tariffs/Taxes?
But remember there is zero inflation and Trump is making us all rich from his economic decisions.
You seem to be suffering a loss of clarity in your thinking. Try verifying it with reality before putting it to words.
I don’t go to either store so they can both go to hell.
How about we start buying American products and supporting mom and pop shops. Then we can get the 3% working again also. I really didn’t expect this kind of article at this site.
I am with you. Start producing and buying here, AMerican made only and the tariff issue won’t be an issue. And yes, I was shocked to see this article here.
Somewhere, people got this idea, that everything has to be under one roof, or it’s inaccessible.
It’s supposed to be obsolete and overly-complicated, to go to a bakery for bread, a butcher shop for meat, a shoe store for shoes.
But, that’s how the store is divided, inside, taking up one city block of the market district. That’s exactly where you would have gone, and what you would have done, if those stores still existed, in that same exact place.
Or, if you were a vendor, you would be dealing with each piece of the sales floor or shelf space as it’s very own store, unto itself.
Also, you still have to order out, or go find some specialist, if you want anything respectable or durable or of a quality that you can fix it, if you break it. There is nothing especially good or unique, that can be bought from this business model.
Simple, to avoid paying higher prices on imports from China caused by tariffs, don’t buy the product! Buy an alternative product produced somewhere other than China. China has been handled with kid gloves too long, time to get tough. China has had more than its share of the pie for too long. Its time to bring manufacturing back to the United States. Yes it will take time, but it can be done. I’m never shopping at Wally World again. I’m sick of their moving everything around continually, and especially now to make room for their stronger beer and wines. And they also stop carrying a lot products I’ve been buying. They can keep their shit, I’ll shop somewhere else. If enough people would stop shopping there and hit them where it hurts, in their pocketbook, then you might have a voice. Right now they are the slave master, and you’re going right along with it. I say slap even more tariffs on China, make em say uncle.
Buy shoes from San Antonio Shoe Makers (SAS).
Buy good quality shoes in advance. Vacuum seal.
Children’s feet grow. Buy them at least one pair of good quality American made shoes for every other size to adulthood sizes. Then go back and buy the sizes you skipped. Or if you can afford to, buy all at once.
I have seen poor people. The Children wind up going around in bare feet. They get hurt. Then they get sick.
Buy soap and cleaning products for future use. Vacuum seal to keep them fresh.
Instead of buying clothes for now. Buy less for now and more for future use. Be sure to store in plastic storage bags to protect them from dust and decay.
Women should learn to sew, knit, and crochet.
It is a good idea for men to know the basics, too.
Buy good sewing products. Most of the needles sold are crap. Wal-Mart made in China needles are crap.
Target? Like who in the world shops there, already overpriced. Walmart right behind them. Is everything made in China now? Nearly everything in the dollar stores is made in China, yet at Dollar Tree all is still a dollar but if they shrink the size of most items any smaller or go with even cheaper quality they will disappear. Surprised the US even mints pennies any longer and who bothers to pick them up off the pavement.
Most of the junk sold in these stores is ChiCom junk, especially Walmart. I was never in support of Walmart and I have never shopped at a Target. Couldn’t care less about them as all they sell is cheap foreign junk. Maybe someday they will both close shop and we can have mom and pop stores popping up all over again, each competing with each other for customers, meaning lower prices and American made goods. Real easy.
The only bad news here is that Walmartians will start shopping at places where humans shop, and that sucks.
Target and walmart don’t sell anything that people actually NEED, so what difference do the tariffs make? I bought a bag of shavings for my rats ONCE at a walmart, and a set of sheets ONCE at a Target – over the past ten years!
I’ve been buying Chinese ‘junk’ and household products on clearance for almost 10 years and stashing it away. I figured it was better to have 4 vacuum cleaners, 25 rolls of aluminum foil, etc rather than keeping that cash in a bank. I bought some more stuff when I heard of possible tariffs (a spare dehumidifier, etc). I will be doing a re-check and needs assessment and filling in any holes. Beyond tariffs, we also could see the US dollar drop.
The last few trips I’ve made to Wally world, I didn’t buy anything that was made in China.
A gallon of coleman fuel, some carb spray, a shirt etc.
Now the Dollar Tree up the street is a different story,
maybe 70% of their stock is made in china.