The United States-China trade war shows no signs of relenting and in a new development, the National Retail Federation has indicated that it could take a toll on fans of the National Football League (NFL).
According to the findings of the National Retail Federation, NFL fans will need to pay a lot more for some of the products and services that are essential while following the league. The retail trade body revealed that the cost of products like television, tailgating items, official apparel, and footballs are going to cost a lot more owing to the trade tensions.
The tariffs imposed on certain imported goods from China by the US government are the sole reason behind the price hike.
In its press release, the National Retail Federation stated,
As this season unfolds, they need to be aware that new U.S. tariffs ranging from 15 to 30 percent will drive up the price of everything from footballs and TVs to portable grills and fanwear.
The government has imposed a 15% hike in tariffs for products worth $112 billion worth in Chinese-made goods.
Some of those products include apparel, footwear, etc. Tariff hikes on such goods are going to soar to 30% from 25% from October 15 and another one is expected to go into effect from December 15. More specifically, a team jacket could be subject to a 30% tariff, while jerseys and sweatshirts might see a tariff impact of 15%.
The National Retail Federation has estimated that as much as $711 million worth of tariffs could be passed on to the consumers. The two nations have been in discussion for quite some time, but no solution has yet been reached. The trade delegations from both the US and China are going to meet in Washington in early October.