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| ‘Scary times’: New York shopkeepers plan ‘astronomical’ price hikes under Trump tariffs | ‘Scary times’: New York shopkeepers plan ‘astronomical’ price hikes under Trump tariffs |
| (about 3 hours later) | |
| Small businesses that import goods brace for steep price increases that they have to pass on to their customers | Small businesses that import goods brace for steep price increases that they have to pass on to their customers |
| It’s just two days since Donald Trump launched his extraordinary tariff assault on the world in a bid to rebuild the US economy and roll back an era of globalization. But already shopkeepers are bracing for recession, and their customers spending less, as they prepare to increase prices. | It’s just two days since Donald Trump launched his extraordinary tariff assault on the world in a bid to rebuild the US economy and roll back an era of globalization. But already shopkeepers are bracing for recession, and their customers spending less, as they prepare to increase prices. |
| “We’re going to have to put our prices up and people aren’t going to like it,” said Ian Anderson, store manager at Tea and Sympathy, a UK grocery store, restaurant and fish-and-chip shop stalwart in Manhattan’s West Village. | “We’re going to have to put our prices up and people aren’t going to like it,” said Ian Anderson, store manager at Tea and Sympathy, a UK grocery store, restaurant and fish-and-chip shop stalwart in Manhattan’s West Village. |
| Business costs have already increased significantly, he noted. But tariffs would add to the load. “We’ve survived so far because we sell base products – cakes, scones, hot cross buns, mince pies. If it was just imports, we’d struggle.” | |
| Most retailers in the New York neighborhood agreed on one thing: the tariffs announced this week would contribute to business environment anxieties that have been mounting for years, from the 2008 economic crisis, to the initial wave of tariffs under Trump’s first administration, the Covid pandemic and the high inflation that followed. | Most retailers in the New York neighborhood agreed on one thing: the tariffs announced this week would contribute to business environment anxieties that have been mounting for years, from the 2008 economic crisis, to the initial wave of tariffs under Trump’s first administration, the Covid pandemic and the high inflation that followed. |
| But many also said it was too soon to tell if Trump’s tariffs would ultimately go into effect – or if they were just the opening salvo of his latest shock-and-awe style of dealmaking. A day earlier, the US treasury secretary, Scott Bessent, encouraged countries around the world to refrain from retaliating against the US. | But many also said it was too soon to tell if Trump’s tariffs would ultimately go into effect – or if they were just the opening salvo of his latest shock-and-awe style of dealmaking. A day earlier, the US treasury secretary, Scott Bessent, encouraged countries around the world to refrain from retaliating against the US. |
| For businesses that rely on wealthy downtown residents and visitors to the city, prices of imported goods had already been rising. A 10% levy on UK imports, 20% on other European imports, and a patchwork of numbers on other countries will not help at all, according to Jennifer Pulidore, the owner of Myers of Keswick, a family business selling British groceries for four decades. | For businesses that rely on wealthy downtown residents and visitors to the city, prices of imported goods had already been rising. A 10% levy on UK imports, 20% on other European imports, and a patchwork of numbers on other countries will not help at all, according to Jennifer Pulidore, the owner of Myers of Keswick, a family business selling British groceries for four decades. |
| “The price of chocolate has gone up astronomically,” she said. “Our Easter order was over £7,000 [$9,100] more compared to last year and we didn’t grossly increase the quantities,” Pulidore said. Myer’s imports broker hadn’t yet estimated what the new tariffs would cost, but Pulidore doubts that customers will accept $2 more on a $16 box of chocolates. | “The price of chocolate has gone up astronomically,” she said. “Our Easter order was over £7,000 [$9,100] more compared to last year and we didn’t grossly increase the quantities,” Pulidore said. Myer’s imports broker hadn’t yet estimated what the new tariffs would cost, but Pulidore doubts that customers will accept $2 more on a $16 box of chocolates. |
| Customers, she said, are already questioning why shortcake originally marked at £2.25 was already $6.95. Customers, she said, sometimes question the mark-up. “Well, do you not consider we are in New York City and we pay New York City rent? Our employees don’t work for free. And I have to pay that price, and then get it over here.” | Customers, she said, are already questioning why shortcake originally marked at £2.25 was already $6.95. Customers, she said, sometimes question the mark-up. “Well, do you not consider we are in New York City and we pay New York City rent? Our employees don’t work for free. And I have to pay that price, and then get it over here.” |
| Myers is celebrating 40 years in business in July. Pulidore’s father, Peter Myers, has retired back to Cumbria. Pulidore thinks about the future of the business “all the time”. | Myers is celebrating 40 years in business in July. Pulidore’s father, Peter Myers, has retired back to Cumbria. Pulidore thinks about the future of the business “all the time”. |
| Trump argues that his plan – however disruptive – will create American jobs and trigger a vast windfall for the country, despite many economists’ warnings. “I get that,” said Pulidore’s. “But the implementation – the ways he’s gone about it – is just awful. I’m definitely worried about a recession, and people spending less.” | Trump argues that his plan – however disruptive – will create American jobs and trigger a vast windfall for the country, despite many economists’ warnings. “I get that,” said Pulidore’s. “But the implementation – the ways he’s gone about it – is just awful. I’m definitely worried about a recession, and people spending less.” |
| At a clothing store, a Canadian customer on his way back to Toronto arrived to return goods because he didn’t want to pay 25% retaliatory duties going into Canada. The store offered to ship and label the items as gifts, thereby avoiding the duties. “It’s scary times,” offered a sales assistant. “Like, wasn’t the first time scary enough with Trump? Why do we have to do this again?” | At a clothing store, a Canadian customer on his way back to Toronto arrived to return goods because he didn’t want to pay 25% retaliatory duties going into Canada. The store offered to ship and label the items as gifts, thereby avoiding the duties. “It’s scary times,” offered a sales assistant. “Like, wasn’t the first time scary enough with Trump? Why do we have to do this again?” |
| Nearby, having her picture taken in front of Carrie Bradshaw’s fictional Sex and the City townhouse, was Siobhan Copeland and her son, visiting from London. Fears about coming through customs at JFK a day earlier had proved unfounded. | Nearby, having her picture taken in front of Carrie Bradshaw’s fictional Sex and the City townhouse, was Siobhan Copeland and her son, visiting from London. Fears about coming through customs at JFK a day earlier had proved unfounded. |
| “I was a bit apprehensive, but he just asked me to pronounce my name, so it was all good,” Copeland said. But she was hopeful about the tariff conflict, because the UK appeared to have a “slightly better relationship with the US than Europe now that we’re separated. But who knows what’s to come? I think we just have to go with it. It’s either going to happen or it isn’t, right? | “I was a bit apprehensive, but he just asked me to pronounce my name, so it was all good,” Copeland said. But she was hopeful about the tariff conflict, because the UK appeared to have a “slightly better relationship with the US than Europe now that we’re separated. But who knows what’s to come? I think we just have to go with it. It’s either going to happen or it isn’t, right? |
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| At Village Apothecary, on Bleecker Street, owner John Kaliabakos said: “We’ll try to take the brunt of it at first and see how that goes. If it gets to 50% then we’ll see. We’re not really sure if the manufacturers themselves will try to do something and so everybody takes a bit of the hit.” | At Village Apothecary, on Bleecker Street, owner John Kaliabakos said: “We’ll try to take the brunt of it at first and see how that goes. If it gets to 50% then we’ll see. We’re not really sure if the manufacturers themselves will try to do something and so everybody takes a bit of the hit.” |
| The West Village, of course, is largely a destination shop for high-end items – Diptyque candles and European handbags, so not necessarily representative of the overall effects of the sweeping tariffs unveiled on Wednesday. | The West Village, of course, is largely a destination shop for high-end items – Diptyque candles and European handbags, so not necessarily representative of the overall effects of the sweeping tariffs unveiled on Wednesday. |
| Anderson has been taking the temperature of customers at Tea and Sympathy. “The main feeling is that [Trump] is completely bonkers,” he said. On a recent trip home to England, “nobody wanted to know anything else about America except Donald Trump”. | Anderson has been taking the temperature of customers at Tea and Sympathy. “The main feeling is that [Trump] is completely bonkers,” he said. On a recent trip home to England, “nobody wanted to know anything else about America except Donald Trump”. |
| His business is about to experience the full effects of the tariffs, as it rebuilds outside dining sheds permitted by New York City authorities over the next few weeks. Anderson’s contractor was already warning before the latest round of tariffs that building materials, mostly from China, would put the cost at around $80,000. | His business is about to experience the full effects of the tariffs, as it rebuilds outside dining sheds permitted by New York City authorities over the next few weeks. Anderson’s contractor was already warning before the latest round of tariffs that building materials, mostly from China, would put the cost at around $80,000. |
| The bitter irony of tariff wars, store owner Hakim at Waverly Wines & Spirits on Sixth Avenue pointed out, is that prices don’t necessarily go down if the tariffs are lifted. He pointed to a bottle of Lagavulin Scotch whisky priced at $115.99. Prior to Trump’s 25% tariffs during his first term, the bottle was $75. | The bitter irony of tariff wars, store owner Hakim at Waverly Wines & Spirits on Sixth Avenue pointed out, is that prices don’t necessarily go down if the tariffs are lifted. He pointed to a bottle of Lagavulin Scotch whisky priced at $115.99. Prior to Trump’s 25% tariffs during his first term, the bottle was $75. |
| “We’ve still never recovered from that,” he said. “Scotch prices went up but they never went down when the tariffs were removed. So prices go up for a reason, and you take that reason away, and they rarely go down. Same with oil and gas. They always use the same tactics.” | “We’ve still never recovered from that,” he said. “Scotch prices went up but they never went down when the tariffs were removed. So prices go up for a reason, and you take that reason away, and they rarely go down. Same with oil and gas. They always use the same tactics.” |