Charlotte economists warn consumers of price hikes as tariff on Chinese imports moves forward
CHARLOTTE, N.C. (QUEEN CITY NEWS) — Tariffs on Mexican and Canadian imports were paused, but the White House is moving forward with a 10 percent tariff on Chinese goods. With it being a blanket tariff, local economists expect consumers will pay more on a range of items.
'This is a much bigger issue than what happened with Mexico and Canada…we import tons of things from China,' said Matthew Metzgar, a professor at UNC Charlotte.
Metzgar said with how much the US imports, the tariffs could be far-reaching.
RELATED |
'The things many people would guess, you know, furniture, lots of things made with plastic, toys and then electronics,' he said.
Metzgar noted that while there were tariffs leveled against China during the Biden administration, they were on specific items including electric vehicles and solar cells. The latest one from Trump goes much further, taxing anything imported.
Metzgar's UNC Charlotte colleague, John Connaughton says there are cases where retailers may eat the cost of the tariff, but it depends on what makes the most sense for their business model.
RELATED |
'They're the ones that have to decide what their revenue take will be based on that price, retail price,' Connaughton told Queen City News where the US will really hurt is when China retaliates, specifically the nation's plans to restrict what they export, like rare earth materials.
'[They] go into a lot of sophisticated products. And we don't have a lot of alternative supply. So that has been, that's the worry point in this particular trade war,' said Connaughton.
China also plans to level its own tariffs against coal, natural gas, and crude oil starting early next week.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
On This Day, June 9: Laverne Cox is first transgender person on cover of Time
On this date in history: In 1534, French navigator Jacques Cartier became the first European explorer to discover the St. Lawrence River in present-day Quebec. In 1898, Britain leased Hong Kong from China for 99 years. The territory returned to Chinese rule in 1997. In 1934, Donald Duck made his first screen appearance in "The Wise Little Hen." In 1973, Secretariat, having won the Kentucky Derby and Preakness, captured racing's Triple Crown with a spectacular victory in the Belmont Stakes. The big chestnut colt, ridden by Ron Turcotte, was the first horse to do so since Citation in 1948. In 1982, Gen. Efrain Rios Montt declared himself president of Guatemala. He overthrew the government in a coup d'etat in March 1982, and was himself overthrown in August 1983 by Defense Minister Oscar Humberto Mejia Victores. In 1993, Japanese Crown Prince Naruhito married former diplomat Masako Owada in Tokyo in a Shinto ceremony. In 1997, recognizing the findings of The National Bioethics Advisory Commission, which unanimously recommended a new federal law banning the creation of human babies through cloning, President Bill Clinton urged Congress to ban human cloning, saying it reflects ''our humanity and it is the right thing to do." In 1998, Gen. Abdulsalam Abubakar was sworn in as Nigeria's military ruler, one day after the death of Gen. Sani Abacha of a heart attack. In 2005, after weeks of protests, Bolivian President Carlos Mesa resigned. In 2008, Internet providers Verizon, Sprint and Time Warner agreed to block access to websites that distribute child pornography. In 2014, actor Laverne Cox became the first transgender person to appear on the cover of Time. "People need to be willing to let go of what they think they know about what it means to be a man and what it means to be a woman. Because that doesn't necessarily mean anything inherently," she told the magazine. In 2018, Justify won the Belmont Stakes, becoming the 13th horse to win the Triple Crown and only the second to do so while still undefeated. In 2019, Ali Stroker became the first actor who uses a wheelchair to win an acting Tony Award. She won Best Supporting Actress for her role in Oklahoma! In 2020, the Senate voted unanimously to make Gen. Charles Q. Brown the Air Force's 22nd chief of staff, the first Black official to lead a U.S. military branch. In 2023, former British Prime Minister Boris Johnson resigned as a member of Parliament after receiving a pre-publication copy of a Privileges Committee report evaluating if he misled Parliament about gatherings he held at Downing Street during the COVID-19 pandemic.


San Francisco Chronicle
25 minutes ago
- San Francisco Chronicle
China says its exports to the US fell nearly 10% in May, as trade talks are due to start in London
China's exports to the United States sank fell nearly 10% in May from a year earlier, new customs data show, adding to pressure on the world's second largest economy as a new round of trade talks with Washington was due to start later Monday in London. China's total exports rose 4.8% last month, slowing from an 8.1% year-on-year increase in April. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. Exports to Thailand, Vietnam and Indonesia were sharply higher, and exports to Germany jumped more than 12%. 'The acceleration of exports to other economies has helped China's exports to remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Many businesses had rushed orders earlier in the year to try to beat higher tariffs. Once new import duties took effect, shipments slowed. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war, Zichun Huang of Capital Economics said in a report. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Huang said. Despite the tariffs truce, rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The round of negotiations due to take place later Monday in London follow a phone call last week between Trump and Chinese leader Xi Jinping. It's unclear if that exchange will lead to any significant progress during the talks this week. Speaking to reporters on Air Force One on Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the U.S. which China had slowed, threatening a range of U.S. manufacturers that relied on the critical materials. There was no immediate confirmation from China. The trade data released on Monday showed a nearly 21% plunge in the value of China's rare earths exports in January to May compared with a year earlier. In terms of volume, those exports rose 2.3%. Similar trends can be seen in exports of other products and commodities, such as shoes, ceramics and cell phones, as slowing demand causes prices to fall. Other data released Monday highlighted the pressure on China's own economy from slowing exports. Imports have faltered since manufacturers import many of the components and materials needed for the goods they assemble for the world. At the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said.
Yahoo
26 minutes ago
- Yahoo
Mining Industry Quarterly Review, Q4 2024 & Full Year - Top 18 Mining Companies Invest $69.1B in 2024; Forecasted Increase for 2025
"Mining Quarterly Review - Q4 2024 & Full Year" analyzes global mining trends, covering commodities, production, and capital expenditure. Indonesia achieved record coal outputs while boosting its nickel industry. Glencore led in coal production growth, driven by key acquisitions. Top miners spent $69.1B in 2024, with a 2025 rise forecasted. Key regions include Canada, Australia, South Africa, and the US. Dublin, June 09, 2025 (GLOBE NEWSWIRE) -- The "Mining Quarterly Review - Q4 2024 & Full Year" report has been added to offering. The report contains an overview of the key commodities in the mining industry including coal, iron ore, copper, gold, nickel, lead, zinc, uranium and lithium. It provides detailed information on prices, production by country, production by company, development projects update, capital expenditure, and demand "Mining Quarterly Review - Q4 2024 & Full Year" provides a comprehensive coverage on the global mining industry. It provides commodity trends covering price trends, production, capital expenditure of leading miners, development projects momentum, development projects by commodity, country, company and stage. The report also includes a demand drivers section providing information on factors that are affecting the global mining industry. It further provides updates on emissions, safety in mining, regulatory, developments in mining for Q4 2024 & Full Year, European Union's industrial production, US' industrial production, China's industrial production growth rate, China's Manufacturing PMI .While maintaining strong coal production, Indonesia is also navigating the global energy transition. This involves balancing coal output with the development of its nickel industry, crucial for EV batteries. Indonesia surpassed its 2024 coal production targets, reaching record highs to 836Mt, driven by both domestic and international demand. In Q4 2024, Glencore recorded the highest coal production growth, significantly outpacing its competitors. Yanzhou, Coal India and China Shenhua Energy also registered growth, though at a much smaller scale. Glencore experienced a significant increase in metallurgical coal production, rising by 18.9% compared to the same period in 2023. This substantial growth was primarily attributable to the acquisition of Canadian steelmaking operations, Elk Valley Resources (EVR), in July 2024. After 0.82% of projects in the development stages advanced in Q3 2024, the development projects momentum improved to 1.37% in Q4 2024. Some 37 projects advanced during this quarter, of which 16 were in Canada, Australia, South Africa and the US, 2024, the world's top 18 mining companies collectively invested over $69.1B in capital expenditures. Companies' projections for 2025 indicate a 5.1% increase to $72.7B for the same 18 to Buy To gain an understanding of the quarterly changes in the global mining industry, relevant driving factors To understand historical and forecast trends on key commodities To identify key players in the global mining industry To identify major development projects momentum by region To identify the trend in capital expenditure spent by leading miners To understand the factors influencing demand drivers of key commodities Key Topics Covered: Overview Macroeconomic trends Commodity trends Coal Iron ore Copper Gold Nickel Lead Zinc Uranium Lithium Development projects update Capital expenditure Demand drivers Appendix For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio