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NY Federal Reserve finds a 'significant share' of companies saying they raised prices on goods not affected by tariffs (fortune.com)

submitted 5 days ago by cm0002@lemmy.world to c/usa@midwest.social

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[–] tyler@programming.dev 22 points 4 days ago (2 children)

No shit Sherlock. That’s how tariffs work. An example is steel, which my wife deals with. Let’s say the price of Chinese steel was $100 per foot before tariffs. Now it’s $200/ft. Well the Canadian supplier who was charging $200/ft before the tariffs isn’t gonna keep charging that. Their product is vastly better than the Chinese product. They’re gonna charge $250+. They are incentivized to raise prices since a large portion of the market’s prices have gone up.

Everyone that even bothered to think about it for a single millisecond knew this was gonna happen.

[–] BakerBagel@midwest.social 8 points 4 days ago (1 children)

You're giving corporations far too much credit. While that is a very textbook example of the drawbacks to tarrifs, the fact remains that companies will ALWAYS price gouge if they think they can get away with it. People are conscious of price increases, but we are terrible at noticing the difference between a 20% jump in prices vs a 50% jump. So companies are able to keep jacking up prices with minimal resistance. If people will complain the same amount for a small price jump as a large price jump, every company is going to just do the large price jump

[–] tyler@programming.dev 1 points 4 days ago (2 children)

Nah I’m telling you what the salespeople for these companies have told my wife is the reason for the price increases. Salespeople suck but they’re not gonna lie about why prices increase.

[–] BakerBagel@midwest.social 4 points 4 days ago (1 children)

Sales people ABSOLUTELY lie about why prices increase. We just had a deal go through to buy a new printer because the sales person was lying saying the price would increase June 1st, but spoiler, it didn't.

[–] tyler@programming.dev 2 points 3 days ago* (last edited 3 days ago)

You’re buying one printer. My wife is buying $15 million worth of steel pipe. If they lie their company gets sued into oblivion. This isn’t some small time sales person.

And to add on, that’s one example I’ve given you of one supplied item. The same has occurred with every one of her suppliers. Either they’re all colluding across multiple different industries and companies, or you know, that’s the actual reason.

[–] Manifish_Destiny@lemmy.world 1 points 4 days ago

It's like these fuckers were literally born yesterday.

[–] ExtantHuman@lemm.ee 16 points 4 days ago

Yeah, they did it during the pandemic too. We knew this would happen.

[–] TheFrirish@jlai.lu 5 points 4 days ago

No? Really? Wow that was so unexpected

[–] Gowron_Howard@lemmy.world 5 points 4 days ago

I for one am shocked!

[–] Kolanaki@pawb.social 1 points 4 days ago

"Alexa; play Gouge Away by the Pixies."