Rising Tariffs on Chinese Imports Could Cost Americans Billions

October 18, 2023

Industry Fact:
56% of U.S. consumers fear local store closures due to retail crime.

Consumers are concerned about their favorite neighborhood stores closing due to retail theft.

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| INSIGHTS

Rising Tariffs on Chinese Imports Could Cost Americans Billions

A recent study by the National Retail Federation (NRF) has found that higher U.S. tariffs on goods imported from China could end up costing American consumers a significant $31 billion. These increased expenses would apply to everyday items such as toys, furniture, clothing, home appliances, and footwear. The potential reason for this price hike is the removal of China's permanent normal trade relations (PNTR) status, which would lead to much higher tariff rates.

The study highlights that these price increases could hit low-income households the hardest. For instance, the cost of toys might rise by over 21%, and other consumer goods like household appliances, shoes, furniture, and clothing would also become more expensive. This scenario could make it even more challenging for households to cope with rising inflation, which is already a concern for many.

Policymakers are currently discussing whether to change trade policies with China, which makes this study a crucial insight into the potential economic impacts on businesses and consumers.

| NEWS

Payment
Klarna Expands Marketing Solutions Through Partnership with Rokt

Rokt has partnered with Klarna to leverage advanced AI technology and offer retailers the opportunity to present highly tailored offers and experiences to consumers on Klarna's app. This collaboration enhances marketing solutions, benefiting both retailers and shoppers by creating more personalized and engaging shopping experiences.

Ecommerce
Signifyd Predicts 5% Holiday Ecommerce Boost Amidst Economic Uncertainty

Signifyd's analysis forecasts a 5% increase in holiday ecommerce spending this season, with online sales projected to be 4% higher over the Cyber Five weekend compared to last year. While the growth is modest, it builds on a strong season in 2022 and varies by merchant category, with apparel and electronics expected to perform well, while health and beauty and home goods may see a decline.

Shipping
USPS Unveils 2023 Holiday Shipping Deadlines, No Surcharges

The U.S. Postal Service (USPS) has released its 2023 holiday shipping and mailing deadlines to ensure timely delivery by December 25 for domestic, international, and military destinations. In a customer-friendly move, USPS confirmed there will be no peak or demand surcharges during the upcoming holiday season.

Social Media
Meta Releases New Ad Features for Reels

Meta releases new ad features for Reels. Meta’s new ad features for Reels include text, template, and music optimizations. It also has an enhanced Advantage+ creative suite in Ads Manager, automatically showing the optimized version of creative. With Collection ads — featuring one large video or image with smaller accompanying images — people can swipe through and learn more about products. Additionally, Meta has enabled multi-destination calls-to-action for Reels carousel ads.

Marketing
Why Amazon Ads Are Better than Google Ads

Five compelling reasons why Amazon Ads outshine Google Ads for e-commerce businesses are highlighted: Amazon's higher conversion rates, easier attribution and tracking, the impact of Amazon Ads on organic rankings, building reviews and long-term value, and the ease of dominating the Amazon marketplace compared to Google Ads, ultimately making a strong case for the effectiveness of Amazon Ads in e-commerce advertising.

Ecommerce
Retail Sales Rose .7% In September, for the Sixth-Straight Month

In September, retail sales surged by 0.7%, surpassing expectations, with gas station sales and online sales contributing to the boost. This robust performance by consumers, despite high interest rates and economic concerns, is being closely observed by the Federal Reserve as it evaluates monetary policy.

| EVENTS

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