Kevin O’Leary, chairman of O’Leary Ventures, provided insights on how the United States might permanently resolve its trade and economic issues with China during an appearance on ‘The Evening Edit.’
American consumers have begun seeing a new surcharge on their shopping receipts attributed to tariffs. Despite a 90-day pause on tariffs initiated by President Donald Trump, both companies and consumers remain impacted, particularly those importing products from China.
These tariff-related surcharges are emerging in various industries, affecting the cost of goods ranging from clothing to automobiles. Businesses are applying either flat fees or a percentage-based charge on total purchases to account for these added costs.
Alexandra Fine, CEO and co-founder of the sexual wellness company Dame, discussed with The Wall Street Journal the introduction of a $5 “Trump Tariff Surcharge” by her company. Fine explained that the surcharge does not fully offset their costs but serves as a statement to inform customers about the impact of these policies.
Dame manufactures its goods in China, where imports have been subjected to a 145% tariff due to ongoing trade tensions between Trump and Chinese President Xi Jinping.
Amazon CEO Andy Jassy recently expressed to CNBC that he anticipates manufacturers will likely pass increased tariff costs onto consumers instead of absorbing them. Many of Amazon’s third-party sellers, accounting for 60% of product sales on the platform, are based in China and are subject to Trump’s toughest tariffs.
The bridal industry is also feeling the effects of these tariffs, with prices for wedding dresses rising. Paul Virilli, co-owner of Jan’s Boutique in New Jersey, noted price increases for gowns sourced from China. Virilli hopes for an improvement in U.S.-China relations to stabilize prices.
White House Press Secretary Karoline Leavitt stated that President Trump remains optimistic about reaching a deal on tariffs with China, which currently imposes an 84% tariff on U.S. imports. She indicated Trump’s openness to an agreement and his willingness to be accommodating if China is inclined to reach a deal with the United States.