She hoped that Trump would not be adding “too much tariffs” in the future.
Adding to the tariff confusion are comments from Trump that trade talks are underway with China, which has been flatly denied by the Chinese Foreign Ministry.
SETBACKS NOT NEW TO CHINATOWN BUSINESSES
Business owners in Chinatown have suffered serious setbacks before, ranging from terror attacks to natural disasters and the COVID-19 pandemic.
In 2001, the 9/11 terror attacks not far from the district severely impacted the local economy.
In 2012, Hurricane Sandy tore through the city, leaving a trail of destruction.
Less than ten years later, the COVID-19 pandemic forced several businesses to shut their doors for good.
The Trump tariffs may soon force businesses in this bustling neighbourhood in Lower Manhattan to close, according to Chinatown Partnership, an advocacy group for local merchants.
The group supports local businesses in the district, and is monitoring how the tariffs have impacted shops in the area.
Its executive director Wellington Chen said it is inevitable that some businesses will not survive – but there are no projections yet on how many.
“One thing is for sure, even in the surveys just now, prices have gone up. The prices have all gone up,” said Chen.
He said that the cost of inflation was already going up prior to the tariffs.
“This certainly does not help because you know the election result was meant to ease the pressure except this is going in the opposite direction,” he added.
Chen added that voters had hoped Trump would lower existing inflation after being elected, but the tariffs he has imposed have made it worse.
No plans have been reported by the city to provide financial relief to businesses.
Chen said even if there were, it is unlikely they would make up for the losses owners have incurred in recent years.
Local media reported that the New York state government would be giving what they call inflation refunds to individuals and families, ranging from US$150 to US$400.
BUSINESSES TRYING TO SURVIVE
Chinatown businesses said long-term planning can feel impossible amid the tariffs.
Chinatown Partnership’s Chen said merchants were stockpiling as many products as they could from their suppliers, before the costs of the levies filtered through on imports from China.
