Author: Jeevan A. Robinson - MNI Media | Date: 25 September 2018
On Monday September 24th, a new10% tariff was imposed on over $200B worth of goods imported into the United States from China, as both countries engage in an all out trade war.
An additional 15% tariff will be applied come January 1st, 2019. This will shake financial markets and consumer spending habits according to most analysts.
Given the international focus on the trade war between both countries, the financial markets and consumers are uneasy, as half of all China imports face levies. Some of the affected items include everyday products such as electronics, tools, food and housewares – all of which will incur price increases in advance of the upcoming Christmas spending spree. As a result, virtually every industry – from the retail and manufacturing industries to grocery store chains – are bracing for the unavoidable impact.
MNI Media spoke with Partner-in-charge of the Tax Department at WithumSmith+Brown - David Springsteen, CPA, MBA - a firm headquartered in Princeton, NJ with offices throughout major U.S. cities to include New York, Boston, Philadelphia, Washington DC and Orlando.
MNI decided to engage David as his firm WithumSmith+Brown is a national top-ranking public accounting firm that provides advisory, tax and audit services to businesses and individuals on a local-to-global scale. During our interview we referenced Withum as being a Law Firm. However, kindly note that the firm is an Accounting business.
Withum also is a member of HLB International - a worldwide network of independent professional accounting firms and business advisers committed to assisting clients to build and expand globally.
Listen below as MNI Media's Editor-in-Chief, Jeevan A. Robinson speaks with Partner-in-Charge of Tax, David Springsteen: