If President Donald Trump is true to his Sunday Twitter threat, the cost of eyewear is about to go WAY UP! The President threatened to increase the China 301 duties from 10 percent to 25 percent, effective Friday, May 10th.
That threat lowered stocks around the world Monday with the Hang Seng down almost 3% and the Nasdaq and S&P 500 down almost ½ of 1%. These tariffs were threated to happen back in January and have been held off as negotiations have continued with China this winter and spring. These tariffs will be in addition to normal import duties and will affect everything, including optical goods originating in China. This will include frames, lenses, sunglasses, reading glasses, cloths, cases, etc.
Will we see the increase this Friday? Will we see products re-routed through countries like Korea, Japan, France, Italy, Canada, and Mexico? Will we see an agreement on trade by weeks end? Who knows? All we do know is perhaps we should listen to Betty Davis.
(Betty Davis in All About Eve)