Tariffs imposed by the US are increasing the costs of some domestically sourced goods. The average tariff rate on imports has risen significantly this year. Research from Harvard Business School showed that product prices from major retailers have risen. Imported goods saw a price increase of around 3%, while domestic goods facing competition from imports rose by approximately 2%. Importantly, categories like food and beverages, which do not face significant import competition, did not experience similar price hikes.
The study noted that tariffs on imports could affect domestically sourced products, leading to higher prices for some US-made goods as well.
Current average US tariff rates on imports are six times higher than they were in January, potentially generating $300 billion in tariff income this year.
The HBS Pricing Lab analyzed over 330,000 product listings, discovering noticeable price hikes of about 3% on imported goods and 2% on competing domestic products.
Prices on goods imported from China witnessed the largest increases, although these increases were still below the fluctuating tariff rates that ranged from 10% to 145%.
Collection
[
|
...
]