""It's just hard to have a price so high, and I don't see the economy's going anywhere except going down," Fung said. "And also inflation: People are cutting back and very worried about spending. How I'm seeing it, we can't plan because we don't know what these tariffs are going to be.""
"After a 90-day hold was issued for negotiations, she and other business owners chose to wait and see before taking action."
"The costs for a line of outdoor furniture she sells, which is imported from France, went up three times due to tariffs on aluminum and steel."
Los Gatos home furnishings store owner Sara Fung closed Cotton Works six months before its 25th anniversary due to higher costs from tariffs and inflation. She noticed cost increases in April after "Liberation Day" tariffs and initially waited during a 90-day hold for negotiations. Tariffs on aluminum and steel raised prices for a French-imported outdoor furniture line three times, and French imports face 15% taxes. Stanford law professor Alan Sykes said tariffs aim to reduce the trade deficit, expand U.S. manufacturing, and address national security and fentanyl concerns. Rising prices and reduced consumer spending undermined business planning.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]