Owen Carr, chief merchandising officer at Spreetail, details how his company faced exorbitant tariff costs on imported chairs following a rapid trade war escalation. Initially paying 145% tariffs, Carr saw a dramatic turn when tariffs dropped to 30% within a month as a result of a temporary trade truce initiated by President Trump. Importers, feeling wronged by the sudden changes, are seeking exemptions and potential refunds from the government, although legal experts deem such refunds unprecedented and unlikely, leaving businesses concerned about future trade policies and their financial impacts.
I was paying more to customs than to the factory for the good itself, mind boggling.
We did think there would be an agreement, but we didn't think it would be that fast and that low.
There's still a chance of refunds, but I wouldn't say there's hope. I wouldn't bet on that.
Companies that make cars, chips, and drugs have been spared from other tariff policies.
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