Wave of tariffs rattle financial markets and consumers

Who:  David Springsteen, CPA, MBA, partner-in-charge of the Tax Department at WithumSmith+Brown (Withum), headquartered in Princeton, NJ with offices throughout major U.S. cities, including New York, Boston, Philadelphia, Washington DC and Orlando

What:  is available to offer expert commentary related to the new 10% tariff being imposed as of today on over $200B worth of goods imported into the United States from China

When: Announced last Monday, the tariff takes effect as of today Monday, September 24; an additional 15% tariff will be applied as of January 1, 2019

Where: Contact Springsteen via email at dspringsteen@withum.com or (609) 520-1188

Why:  Given the national and international focus on the trade war between the U.S. and China, the financial markets and consumers are uneasy as nearly half of all China imports face levies. These include everyday products such as electronics, tools, food and housewares – all of which will incur price increases in advance of the holiday season. As a result, virtually every industry – from the retail and manufacturing industries to grocery store chains – are bracing for unavoidable price increases.  

Established in 1974, Withum is a national top-ranking public accounting firm providing advisory, tax and audit services to businesses and individuals on a local-to-global scale. Withum also is a member of HLB International, a worldwide network of independent professional accounting firms and business advisers committed to assisting clients to build and expand globally.