Latest news with #YaleUniversityBudgetLab
Yahoo
24-04-2025
- Business
- Yahoo
Thrift stores could see business boom as tariffs hike clothing prices
(NewsNation) — As tariffs threaten to raise prices on everything from groceries to apparel, secondhand stores and resale platforms are poised to see a surge in business. Since nearly all clothing sold in the United States is imported, tariffs are expected to hit apparel particularly hard. Many Americans are already seeing emails from retailers warning of upcoming price hikes and shortages, but some cost-conscious consumers are turning to thrift shops and online resale platforms to stretch their budgets. What will become more expensive as tariffs take effect? The Yale University Budget Lab estimates short-term consumer price increases of 65% for clothes and 87% for leather goods like shoes, handbags and belts, noting U.S. tariffs 'disproportionately affect' those goods. The secondhand market has already been booming, growing from a $20 billion industry in 2017 to a projected $60 billion in 2025, even before the tariffs take full effect. Apparel is expected to lead the resale boom, followed by books and furniture, according to Yale. A dozen states sue the Trump administration to stop tariff policy Whitley Adkins, a fashion and wardrobe stylist, said while secondhand websites like Poshmark, Facebook Marketplace and eBay are seeing more interest, consumers are discovering that thrifting is often a way to find higher-quality goods. 'People thrift to save money, right? That's the first thing you think when you hear the word thrifty: you're going to save money. But I think people may or may not know that oftentimes, when you thrift, you not only save money, but you find things that are higher quality,' Adkins said. A 10% tariff has been placed on goods from most countries; however, most U.S. clothing imports come from Bangladesh, Vietnam and China, where tariffs range from 37% to 145%. Rental clothing services like Rent the Runway and Nuuly are also expected to see an increase in business. But small U.S. businesses that rely on foreign goods are likely to face a serious challenge due to rising costs. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Arab Times
21-04-2025
- Business
- Arab Times
Secondhand stores poised to benefit if US tariffs drive up new clothing costs
NEW YORK, April 21, (AP): Stores selling secondhand clothes, shoes and accessories are poised to benefit from President Donald Trump's trade war even as businesses the world over race to avert potential damage, according to industry experts. American styles carry international influence, but nearly all of the clothing sold domestically is made elsewhere. The Yale University Budget Lab last week estimated short-term consumer price increases of 65% for clothes and 87% for leather goods, noting US tariffs "disproportionately affect' those goods. Such price hikes may drive cost-conscious shoppers to online resale sites, consignment boutiques and thrift stores in search of bargains or a way to turn their wardrobes into cash. Used items cost less than their new equivalents and only would be subject to tariffs if they come from outside the country. "I think resale is going to grow in a market that is declining,' said Kristen Classi-Zummo, an apparel industry analyst at market research firm Circana. "What I think is going to continue to win in this chaotic environment are channels that bring value.' The outlook for preowned fashion nevertheless comes with unknowns, including whether the president's tariffs will stay long enough to pinch consumers and change their behavior. It's also unclear whether secondhand purveyors will increase their own prices, either to mirror the overall market or in response to shopper demand. Jan Genovese, a retired fashion executive, sells her unwanted designer clothes through customer-to-customer marketplaces like Mercari. If tariffs cause retail prices to rise, she would consider high-end secondhand sites. "Until I see it and really have that sticker shock, I can't say exclusively that I'll be pushed into another direction,' Genovese, 75, said. "I think that the tariff part of it is that you definitely rethink things. And maybe I will start looking at alternative venues.' The secondhand clothing market already was flourishing before the specter of tariffs bedeviled the US fashion industry. Management consulting firm McKinsey and Co predicted after the COVID-19 pandemic that global revenue from preowned fashion would grow 11 times faster than retail apparel sales by this year as shoppers looked to save money or spend it in a more environmentally conscious way.
Yahoo
10-04-2025
- Business
- Yahoo
Electronics, clothes and coffee: What you're still set to pay more for under Trump's tariffs
Some of the stiffest new tariffs are on hold, but experts say shoppers' bills for White House trade policies are coming due soon. President Donald Trump's surprise 90-day suspension Wednesday of much of his April 2 tariff announcement doesn't change the likelihood that consumers will pay more for many goods and services in the months ahead, economists warn. All the tariffs he has announced this year would dent households' purchasing power by an average $4,400 annually, the Yale University Budget Lab forecast Thursday. While inflation dipped more than expected in March, analysts say it's likely just a temporary reprieve. 'That was nice, but don't get used to it,' Greg McBride, Bankrate chief financial analyst, said in a statement Thursday. The president's rapidly shifting trade war has created enormous uncertainty for businesses around the world, threatening price stability, and his steep new import taxes are merely delayed, not called off. A 10% across-the-board duty that went into effect this week remains in place, as well as a massive 145% tariff on Chinese imports. 'With both inflation and the overall economy, uncertainty abounds about what might be lurking around the bend,' McBride said. Here's where consumers could feel the most pain in their pockets. Consumers have been scurrying to Apple stores in recent days to upgrade their iPhones, and with good reason: the company's best-selling product is manufactured in China, and its highest-end version could see a price hike of at least $350, according to UBS analysts. Other electronics from laptops to televisions could see similar jumps. Electronic parts — such as computing machinery, cameras, TV and radio transmitters — will account for the largest revenues from Trump's tariff regime by far, according to an analysis of trade data by Global Trade Alert, a nonprofit research group. Trump's 25% tariff on imported vehicles has already taken effect, costing Americans an additional $2,500 to $20,000 per vehicle, depending on its size and type, according to estimates by Anderson Economic Group. Additional import taxes in the pipeline could prove inescapable even for those who don't buy a new car, experts say. Uncertainty remains about which auto parts would be exempt under the United States-Mexico-Canada Agreement that Trump negotiated during his first term, while the U.S. imported a record 63% of its tires last year from countries such as Thailand (37% tariff) and South Korea (25% tariff). The U.S. gets almost all of its natural rubber from other countries, which means domestic producers will be hobbled, as well. In other words, there's a good chance that auto tuneup is about to cost Americans more. 'While the domestic production of peanuts and tree nuts is bountiful, not every nut commodity can be grown within the United States,' the Peanut and Tree Nut Processors Association said in a statement last week. That includes cashews, one of the main exports of Vietnam, which the president hit with a 46% tariff April 2. Shoppers will also see pricier Brazil nuts, a major product of the Ivory Coast (whose exports face a 21% tariff), and macadamias, produced in South Africa (31%). The United States is the second-largest importer of coffee in the world, with about 80% of unroasted beans coming from Brazil and Colombia, according to the U.S. Agriculture Department. While both countries are subject to Trump's 10% baseline tariff, recent droughts in key growing regions have already been pushing up prices this year. More than a quarter of the rice sold in the U.S. is imported from countries such as Thailand (facing a 36% tariff) and India (26%), according to the USDA. Consumers can expect to see more expensive aromatic rice, such as jasmine and basmati, as a result of the steeper import taxes. The White House has also slapped new tariffs on the nation's top alcohol sources, including the European Union (subject to 20% tariffs), which accounts for 80% of all the wine the U.S. imported last year. Combined with the 25% tariff on Mexican and Canadian goods — and the expansion of Trump's aluminum duties to include canned beer imports — some households might end up considering a dry summer. 'The increased costs of living that will result from the recently enacted tariffs, along with the significant increase in prices for wines that will result, will only push down consumption further,' the National Association of Wine Retailers said in a statement last week. The trade group said the policies risked 'harming the American wine industry to a degree from which many of its participants will not recover.' Some of the largest American retailers source apparel and footwear from Asian countries including China, Bangladesh (37%), and Vietnam, which in recent years became a manufacturing hub for U.S. businesses seeking to duck trade barriers on China. That looks set to change when the new 46% tariff on Vietnamese products goes into effect. Those three countries are among the top manufacturing hubs for VF Corporation, owner of brands including Timberland, Dickies, the North Face, and Vans. Gap, which operates Old Navy, Gap and Banana Republic, sourced most of its apparel from factories in Vietnam, India, Indonesia (32%), Bangladesh and Sri Lanka (44%). 'The 2025 tariffs disproportionately affect clothing and textiles, with consumers facing 58% higher apparel prices in the short-run, the Yale Budget Lab researchers wrote. 'Apparel prices stay 26% higher in the long-run.' A trade group that represents major brands including Nike and Skechers recently told Reuters that tariffs threatened to jack the price of a $155 running shoe made in Vietnam as high as $220. Almost 80% of the toys sold in the U.S. are imported from China, according to the Toy Association. Greg Ahearn, the trade group's president, told PBS in March that he projected price increases of 15-20% on toys such as games, dolls, race cars. That was before Trump's 104% levy on Chinese goods. Basic Fun, a Florida-based toymaker responsible for classic playsets such as Tonka Trucks and Lincoln Logs, told the New York Post on Monday that it was pausing shipments to the U.S. altogether, as passing along those costs to consumers was 'impossible.' A seafood dinner could soon become an infrequent luxury. Top fish and shellfish exporters Chile and India were hit with new tariffs of 10% and 26%, respectively. 'About 70 to 80% of the U.S. seafood food supply is imported, and so that is not a number that the U.S. domestic industry can plug,' said Andy Harig, an executive at the Food Industry Association, told last week. 'So you're going to see that the cost of the seafood department go up. This article was originally published on
NBC News
10-04-2025
- Business
- NBC News
Electronics, clothes and coffee: What you're still set to pay more for under Trump's tariffs
Some of the stiffest new tariffs are on hold, but experts say shoppers' bills for White House trade policies are coming due soon. President Donald Trump's surprise 90-day suspension Wednesday of much of his April 2 tariff announcement doesn't change the likelihood that consumers will pay more for many goods and services in the months ahead, economists warn. All the tariffs he has announced this year would dent households' purchasing power by an average $4,400 annually, the Yale University Budget Lab forecast Thursday. While inflation dipped more than expected in March, analysts say it's likely just a temporary reprieve. 'That was nice, but don't get used to it,' Greg McBride, Bankrate chief financial analyst, said in a statement Thursday. The president's rapidly shifting trade war has created enormous uncertainty for businesses around the world, threatening price stability, and his steep new import taxes are merely delayed, not called off. A 10% across-the-board duty that went into effect this week remains in place, as well as a massive 145% tariff on Chinese imports. 'With both inflation and the overall economy, uncertainty abounds about what might be lurking around the bend,' McBride said. Here's where consumers could feel the most pain in their pockets. Electronics Consumers have been scurrying to Apple stores in recent days to upgrade their iPhones, and with good reason: the company's best-selling product is manufactured in China, and its highest-end version could see a price hike of at least $350, according to UBS analysts. Other electronics from laptops to televisions could see similar jumps. Electronic parts — such as computing machinery, cameras, TV and radio transmitters — will account for the largest revenues from Trump's tariff regime by far, according to an analysis of trade data by Global Trade Alert, a nonprofit research group. Vehicles and auto parts Trump's 25% tariff on imported vehicles has already taken effect, costing Americans an additional $2,500 to $20,000 per vehicle, depending on its size and type, according to estimates by Anderson Economic Group. Additional import taxes in the pipeline could prove inescapable even for those who don't buy a new car, experts say. Uncertainty remains about which auto parts would be exempt under the United States-Mexico-Canada Agreement that Trump negotiated during his first term, while the U.S. imported a record 63% of its tires last year from countries such as Thailand (37% tariff) and South Korea (25% tariff). The U.S. gets almost all of its natural rubber from other countries, which means domestic producers will be hobbled, as well. In other words, there's a good chance that auto tuneup is about to cost Americans more. Nuts 'While the domestic production of peanuts and tree nuts is bountiful, not every nut commodity can be grown within the United States,' the Peanut and Tree Nut Processors Association said in a statement last week. That includes cashews, one of the main exports of Vietnam, which the president hit with a 46% tariff April 2. Shoppers will also see pricier Brazil nuts, a major product of the Ivory Coast (whose exports face a 21% tariff), and macadamias, produced in South Africa (31%). Coffee The United States is the second-largest importer of coffee in the world, with about 80% of unroasted beans coming from Brazil and Colombia, according to the U.S. Agriculture Department. While both countries are subject to Trump's 10% baseline tariff, recent droughts in key growing regions have already been pushing up prices this year. Rice More than a quarter of the rice sold in the U.S. is imported from countries such as Thailand (facing a 36% tariff) and India (26%), according to the USDA. Consumers can expect to see more expensive aromatic rice, such as jasmine and basmati, as a result of the steeper import taxes. Wine and spirits The White House has also slapped new tariffs on the nation's top alcohol sources, including the European Union (subject to 20% tariffs), which accounts for 80% of all the wine the U.S. imported last year. Combined with the 25% tariff on Mexican and Canadian goods — and the expansion of Trump's aluminum duties to include canned beer imports — some households might end up considering a dry summer. 'The increased costs of living that will result from the recently enacted tariffs, along with the significant increase in prices for wines that will result, will only push down consumption further,' the National Association of Wine Retailers said in a statement last week. The trade group said the policies risked 'harming the American wine industry to a degree from which many of its participants will not recover.' Clothing Some of the largest American retailers source apparel and footwear from Asian countries including China, Bangladesh (37%), and Vietnam, which in recent years became a manufacturing hub for U.S. businesses seeking to duck trade barriers on China. That looks set to change when the new 46% tariff on Vietnamese products goes into effect. Those three countries are among the top manufacturing hubs for VF Corporation, owner of brands including Timberland, Dickies, the North Face, and Vans. Gap, which operates Old Navy, Gap and Banana Republic, sourced most of its apparel from factories in Vietnam, India, Indonesia (32%), Bangladesh and Sri Lanka (44%). 'The 2025 tariffs disproportionately affect clothing and textiles, with consumers facing 58% higher apparel prices in the short-run, the Yale Budget Lab researchers wrote. 'Apparel prices stay 26% higher in the long-run.' A trade group that represents major brands including Nike and Skechers recently told Reuters that tariffs threatened to jack the price of a $155 running shoe made in Vietnam as high as $220. Toys Almost 80% of the toys sold in the U.S. are imported from China, according to the Toy Association. Greg Ahearn, the trade group's president, told PBS in March that he projected price increases of 15-20% on toys such as games, dolls, race cars. That was before Trump's 104% levy on Chinese goods. Basic Fun, a Florida-based toymaker responsible for classic playsets such as Tonka Trucks and Lincoln Logs, told the New York Post on Monday that it was pausing shipments to the U.S. altogether, as passing along those costs to consumers was 'impossible.' Seafood A seafood dinner could soon become an infrequent luxury. Top fish and shellfish exporters Chile and India were hit with new tariffs of 10% and 26%, respectively. 'About 70 to 80% of the U.S. seafood food supply is imported, and so that is not a number that the U.S. domestic industry can plug,' said Andy Harig, an executive at the Food Industry Association, told last week. 'So you're going to see that the cost of the seafood department go up.
Bloomberg
27-03-2025
- Business
- Bloomberg
SEC's Robinhood Investigation Closed
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Robinhood CEO Vlad Tenev, Yale University Budget Lab Director of Economics Ernie Tedeschi, Oaktree Capital Management Co-Portfolio Manager Danielle Poli, Professional Tennis Players Association Executive Director Ahmad Nassar, Bloomberg's Nathan Dean, Steve Man, and Bailey Lipschultz. (Source: Bloomberg)
