The trade war hit the businesses hard, though analyst suggests they faced challenges before Washington’s duties
US President Donald Trump’s tariffs on Chinese imports are biting into the income of some American retail-focused companies, with at least two already in bankruptcy court and others forecasting significant losses.
Economists warned this would translate into higher prices if the tariffs remained in place.
“The tariffs are across-the-board, so most US companies that import goods from China are seeing costs rise,” said Christopher Beddor, deputy China research director with Gavekal Dragonomics in Hong Kong.
He warned that lay-offs were imminent, adding that firms would “in turn pass some of the increase on to customers”.
