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The wedding industry has been dealt a devastating blow following President Donald Trump’s introduction of tariffs on Chinese imports. The unexpected measure has led to a sharp increase in prices for wedding dresses, leaving small bridal shops and their customers feeling the pinch.
The tariffs have had a disproportionate impact on small businesses, who are unable to absorb the additional costs. This is leading to price increases that may be beyond the means of many consumers. Small business owners, such as David Gaffke, are faced with difficult conversations with clients about the need for higher prices.
“This isn’t just about us; it’s about our customers,” Gaffke said in an interview. “We have to call 211 clients and ask them for more money because of tariffs: That’s $65,000. We’re a small store. We can’t absorb that. So, what happens? It goes back to the customer.”
The National Bridal Retailers Association is working tirelessly to secure exemptions from the tariffs in order to alleviate the financial burdens faced by its members. If no relief is granted, many experts predict long-term consequences for the industry.
These added pressures are a stark reminder of the challenges faced during the COVID-19 pandemic. The unprecedented situation has left small retailers feeling overwhelmed and struggling to stay afloat.
Industry leaders, including Angie Oven, President of the National Bridal Retailers Association, have expressed deep concern over the impact of these tariffs on their members and customers alike.
“The overriding feeling is despair,” Oven emphasized. “There’s a little bit of PTSD right now because a lot of us really just recovered from COVID.”
In the face of such unprecedented financial strain, it remains to be seen whether the industry will be able to recover without significant relief.
Source: https://www.kanalcoin.com/trump-china-tariffs-bridal-industry/
