Gerald Storch, former Target Corporation executive and Toys 'R' US CEO, said on Tuesday that President Donald Trump's tariff concerns have been “awfully exaggerated” about Fox Business Network's “Varney and Company.”
Host Stuart Varney said, “You were running one of the world's largest toy stores. If you could expect China to raise the toys by 10-15% in price, how did you handle the current situation? How would you handle that?”
Storch said:
He continued, “Tax is the cost of the goods only. They are not retail prices. So you put a tariff on the cost of the goods at 20%. It's not that the retail price cannot buy everything somewhere, and the retail price cannot buy everything. What's more, there are even more products by keeping the sale rather than moving to the US.
“I think people are hysterical. That's not nearly the size of what they're talking about, and retailers are going to try and do well no matter what happens. On the other hand, with all the reasons, with that in mind, his group shows that they can be flexible in it.
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