The Financial Times (FT), a British daily newspaper, reported on the 5th (local time) that the impact of the "Trump tariffs" is becoming evident in U.S. prices, particularly for imported goods.
FT explained that this is because companies have depleted their existing inventories and have started passing on the increased costs from tariffs to consumers.
According to data from the U.S. Department of Labor's Bureau of Labor Statistics, over the six months leading up to August this year, prices for audio equipment rose by 14%, apparel by 8%, and tools, hardware, and parts by 5%.
Despite President Donald Trump having significantly raised import tariffs, the U.S. inflation rate in August this year remained at 2.9%, indicating that the impact has so far been less severe than feared. However, as the prices of imported goods-which account for over 10% of U.S. consumer spending-have increased, many companies have announced price hikes, FT explained.
US-ROK Summit, President Trump (Washington=Yonhap News) Sangkyun Han reports = On the 25th (local time), US President Donald Trump held a US-ROK summit with President Lee Jae-myung at the White House in Washington DC. 2025.8.26 xyz@yna.co.kr(End)＜Copyright(c) Yonhap News Agency, unauthorized reproduction and redistribution, AI training and usage prohibited＞
According to Telsey Advisory Group, a Wall Street market research firm, since April this year, major retailers have raised prices on 11 out of 29 "soft line" products such as T-shirts and shoes, 12 out of 18 "hard line" products such as bicycles and dishwashers, and 5 out of 16 sporting goods items.
Ashley Furniture, the world's largest furniture manufacturer, raised prices on more than half of its products as of the 5th, with increases ranging from as little as 3.5% to as much as 12%, FT reported, citing the furniture industry newsletter "Home News Now."
On the 29th of last month, President Trump announced that a 25% tariff rate would be applied to upholstered furniture, such as sofas and chairs, starting from the 14th.
At the end of last month, AutoZone, an auto parts retailer, warned that the impact of the tariff increases was now being fully felt and that price hikes would follow. In addition, coffee prices have risen as the United States imposed a 50% import tariff on Brazil, the world's largest coffee exporter.
Furthermore, as tariffs on steel and other materials have risen sharply, canned food prices have also surged. Federal Reserve Chair Jerome Powell explained last month that, up to now, it has been U.S. importers and retailers-rather than consumers-who have shouldered most of the burden from the tariff increases.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
