Thursday, October 21, 2021
73.9 F
Fort Worth

Pier 1 comments on impact of tariffs

🕐 1 min read

Pier 1 Imports Inc. (PIR) on Wednesday provided commentary regarding the proposed 10 percent tariff on additional classes of products imported to the U.S. from China announced by the Office of the U.S. Trade Representative on July 10, 2018.

The Fort Worth-based home furnishing retailer sources its products from multiple countries around the world, including China.

On Wedneday, U.S. President Donald Trump accused China of “vicious” tactics on trade, tweeting that China was specifically targeting U.S. farmers with retaliatory tariffs because “they know I love & respect” them.Consistent with recent years, approximately 59% of the Company’s fiscal 2019 net sales are expected to be derived from merchandise produced in China. Of that amount, approximately half is expected to consist of product classes subject to the proposed tariff.

Trump’s comments on China came after his administration announced a plan to provide $12 billion in emergency relief for farmers who have been slammed by the president’s trade disputes. China has retaliated to American tariffs with duties on some U.S. products.

In a statement, Pier 1 officials said the company is evaluating strategies to mitigate the impact of the proposed tariff, including collaborative efforts with its vendor partners, and does not expect financial results in fiscal 2019 to be materially affected. There can be no assurance as to the final scope of the proposed tariff or the course or timing of trade negotiations between the United States and China to resolve the issues which led the Office of the U.S. Trade Representative to announce the proposed tariff.

Related Articles

970x250_DM_Leasing

Our Digital Sponsors

Latest Articles

Texas Rangers
Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate