U.S. tariffs on Chinese imports will simply mean that American consumers have to pay higher prices for products down the road, an industry association leader said on Friday.
"We're having some serious problems with this tariffs situation," said Rick Helfenbein, president and CEO at the American Apparel and Footwear Association.
"This is disruptive to our supply chains, this is hurtful to our business," he added.
Helfenbein was speaking on the back of a new round of U.S. tariffs on $16 billion worth of Chinese imports, which kicked in on Thursday, prompting Beijing to retaliate with its own levies on American goods worth the same amount.
"What's going to happen down the road is very simple — prices will go up, sales will go down, jobs will be lost. This will have a negative impact on the economy," Helfenbein told CNBC's "Squawk Box."
Although the American retail scene is looking positive now, the impact of the new tariffs will hit consumers in six to nine months, he added.
"We are watching the Titanic sail out of port here; this is not a good thing," he said.
If the Trump administration goes ahead with tariffs on $200 billion of Chinese imports, it'll be a further blow to the industry, he said.
Reference: CNBC
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