Walmart and Target, two of the biggest retailers in the US, have privately warned US President Donald Trump that their customers may face empty shelves in the coming weeks if his tariff policies continue, according to the BBC’s US partner CBS News.
There’s evidence that the prohibitive level of tariffs imposed between China and the US are having a major impact on trade volumes. Ports on the US west coast, in particular Los Angeles, are reporting a collapse in China to US cargos, down 33% in the past week and expected to be down as much as 44% in the first week of May.
Walmart and Target are among the biggest retailers in the US providing goods for millions of customers. Both companies had already warned that the tariffs trade war could lead to higher prices.
The Trump administration has levied 145% tariffs on Chinese goods and 10% tariffs on most other countries. It has also imposed 25% tariffs on vehicle imports to the US. It’s led to sharp falls in stock markets around the world along with fears of surging inflation and a slowdown in economic growth.
Trump has said his tariff policies with reinvigorate US manufacturing. He’s seeking to negotiate new trade deals and reach agreement with China, predicting that the current level of tariffs will come down significantly.
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Produced by: BBC News
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