Tariffs Won't Affect Holiday Sales, but Hike in 2019 a Concern, Says CTA's Shapiro

Effects of 10 percent tariffs on $200 billion worth of Chinese imports, which the Trump administration imposed last month, aren’t likely to be felt at retail this holiday season, said CTA President Gary Shapiro Monday at the association's conference in Boston. Shapiro’s bigger concern is what happens after Jan. 1, when tariffs will rise to 25 percent. He left open the possibility of a domino effect involving other events -- the stock market, elections and the overall economic mood -- that could affect the holiday season. Responding to our question whether CTA will sue over the levies, he said “there’s definitely a reason to question the legality of what the president has done because the Constitution lays out our laws, the Constitution gives Congress the authority to raise taxes, the tariff is a tax, and there’s a very serious question of whether Congress has given the president the authority to raise tariffs because of retaliation.” Meantime, LG will deliver its first-ever keynote address at CES, CTA Executive Vice President Karen Chupka announced. Chief Technology Officer I.P. Park will discuss artificial intelligence and its future impact on consumers, said a company spokesperson.