Poll: Are you feeling the effects of the trade war?
The peak retail industry body in the US has said the ongoing trade war with China is “punishing” American businesses and families.
With new 10 per cent tariffs on an additional $300 billion in Chinese goods to take effect on September 1, retailers will have no choice but to pass on the extra cost to consumers, the National Retail Federation said last week.
Fears that the trade war will lead to a global recession are increasing.
US and European stock markets closed down on Friday, August 9, prompting Australian economists to predict a weaker ASX on Monday.
And last week, New Zealand’s Reserve Bank shocked the market by cutting the official cash rate by 50 basis points, rather than its usual 25 basis points.
“I don’t see an immediate end to it,” Peter McIntyre, an investment advisor at Craigs Investment Partners, told BusinessDesk last week.
“This tension is going to continue and I think that August is a difficult month and it will carry on at least in the short to medium term.”
We’re curious to hear whether you’re feeling the effects of the trade war, either in your supply chain, or, for global brands, in consumer demand from the US or China?
Vote in our poll, and share your thoughts in the comment section below!