Many family-owned fireworks companies are 'really alarmed at this point' about the possibility of more tariffs on Chinese goods, Steve Pelkey, CEO of Atlas PyroVision, says.
More broadly, economists say the tariffs could weaken a U.S. economy that appears to be on shakier footing. Mark Zandi, chief economist at Moody's Analytics, said the higher import taxes would leave the United States with 900,000 fewer jobs than it would have had otherwise.Jeffrey Pratt, leader of the supply chain practice at the accounting and consulting firm BDO, called the looming tariffs "a bit of gamechanger" for his clients.
"Simply imposing a 25% tariff will ultimately cause significant harm to our family business," CEO Stephen Pelkey said in a filing with the U.S. Trade Representative. "We would be forced to pass along the increase directly to our customers." Bracing for the new tariffs, Yedi Houseware, a Los Angeles family business, has postponed plans to hire and move into a bigger warehouse. Bobby Djavaheri, a company executive, echoed a common complaint: The administration is taxing products — in his case, things like air fryers — that aren't made by American companies. They must be imported. So no U.S. producer benefits from the tariffs; U.S. importers just get socked with a tax.
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