How The New China Tariffs Could Affect You
Trade laws are continually getting passed by the government, which are sometimes tricky to interpret. However, it’s essential to understand foreign trade regulations, such as the new China tariffs, as it affects not only businesses but consumers as well.
The new China tariffs are the latest trade barriers that have made everyone sit up and think, especially since they came into full force on September 1, 2019.
The new tariffs are implemented to reduce the number of Chinese goods that get sold in our country as well as the negative trade deficit with China. On the plus, this new tax is expected to stimulate the US economy by bringing in more revenue. It could also lead to more US manufactures, which will bring in more jobs and employment opportunities.
Unfortunately, the introduction of the new China tariffs will have huge ramifications not only on our business but also on companies that sell TVs, properties, washing machines, solar panels, cars, beer, cosmetics, electronics, clothing, and other Chinese-made products.
As a result, companies will now have to look at alternative ways of manufacturing products a little closer to home, which will boost local employment, and increase revenues. However, in the short-term, businesses will increase their prices as they continue to import from China. This will mean consumers will have to get used to paying more for everyday purchases.
The China tariffs will also have a massive impact on the physical security market as the pricing for surveillance cameras, and other video products will shoot up. So if you are planning on purchasing a security system soon, now may be an excellent time to hire a professional security system company.
As a security system installation and maintenance company in Chicago, Morton Grove, IL, Pro Video Security, we advise consumers to review the products on the various tariff lists and prioritize products they should invest in before the prices hike.
We are an A+ rated Better Business Bureau company, and specialize in business, government, and residential security services. We offer professional video security, alarm systems, and access control installation, repair, and configuration. With over twenty years of experience, we can cater to all your security needs.