Newest tariffs ‘will affect people in stores’: Former JCPenney CEO

Newest tariffs ‘will affect people in stores’: Former JCPenney CEO


NEIL: WITH ALL THE ATTENTION ON THE HURRICANE YOU MIGHT HAVE LOST TRACK THAT A BILLIONS DOLLARS WORTH OF TARIFFS WENT INTO EFFECT. $115 BILLION OF FRESH TARIFFS ON CLOTHING ELECTRONICS, BABY SUPPLIES, PROCESSED MEATS AND CHEESES. THAT REALLY BURNS ME. THE CHINESE SET IN MOTION THEIR OWN TARIFFS $70 BILLION OF U.S. GOODS, CRUDE OIL, SOME PHARMACEUTICALS, SOYBEANS AND THE LIKE. THIS TIT-FOR-TAT IS ON. THE IMPACT IS PRETTY CLEAR TO MY NEXT GUEST, FORMER JCPENNEY CHAIRMAN ALLEN QUESTROM. THANK YOU FOR COMING.>>NICE TO BE WITH YOU, NEIL. NEIL: THE PRESIDENT ARGUED THE IMPACT IS MINIMAL HERE, THE CHINESE DEVALUE THEIR CURRENCY, THEY’RE SWALLOWING A LOT OF THIS, NOT YOU. WHAT DO YOU MAKE OF THAT?>>SOME OF THAT IS TRUE. THIS WILL BE THE MOST SIGNIFICANT TARIFF, THIS WENT ON THE FIRST. THIS WILL START TO AFFECT PEOPLE IN THE STORES BUT WHAT I THINK IS HAPPENING, IS YOU SEE MANUFACTURERS AND RETAILERS TRYING TO ABSORB SOME OF IT. THERE WILL BE SOME PASSED ON TO THE CONSUMER THIS WILL BE THE FIRST TIME THE CONSUMER REALLY HAS HAD EFFECTS OF, WILL HAVE THE EFFECTS OF THIS TARIFF. A LOT OF THESE TARIFFS BEFORE HAVE BEEN AFFECTING FARM INDUSTRY. NEIL: RIGHT.>>THEY HAVE BEEN REALLY AFFECTED. A LOT OF SMALL INDUSTRIES HAVE BEEN AFFECTED. IF THIS TARIFF GOES ON. IT DOES AFFECT THE CONSUMER. YOU WILL START TO SEE JOBS GROW SLOW. COMPANIES ARE NOT INVESTING AS MUCH AS THEY WERE IN THE BEGINNING. YOU SEE, GDP DROPPED DOWN TO 2% FROM 3%. THAT HAS GOT TO BE A CONCERN TO THE PRESIDENT EVEN THOUGH HE MAY NOT SAY THAT. SO WE, WE HAVE TO, WE HAVE TO FIGURE OUT HOW TO GET OVER THIS THING QUICKLY SO WE BOTH WIN. ONE SIDE CANNOT WIN THE WHOLE BATTLE. THAT IS THE PROBLEM YOU GET INTO. THESE TARIFFS WARS TEND TO BE EGO-ORIENTED. AT THAT IS SOMETIMES HARD TO GET OVER. WE HAVE A ELECTION COMING UP. IT WOULD NOT BE GOOD THING TO SEE OUR ECONOMY IN NEGATIVE, IF PRESIDENT TRUMP WANTS TO SEE RE-ELECTION. THAT IS CRITICAL PIECE WHY THIS COUNTRY IS DOING SO WELL, HE IS DOING WELL, IT IS BECAUSE OF THE ECONOMY. NEIL: IF IT IS A HICCUP EVEN A LITTLE BIT, MORGAN STANLEY PUT OUT A DEFENSIVE POSTURE TODAY IN THE INVESTOR RECOMMENDATION, MAYBE YOU SHOULD SHORT GROWTH STOCKS AND DEALING WITH ECONOMICALLY, RESILIENT ISSUES. THIS FOLLOWS ON HEELS OF CONTRACTION OF THE LATEST MANUFACTURING REPORT DOWN TO LEVELS THREE YEARS AGO. WE SHOULD POSIT, YOU ALWAYS REMIND ME HERE, THESE ARE STILL PRETTY SOLID LEVELS. BUT THEY ARE GOING THE OTHER WAY NOW. DOES THAT WORRY YOU?>>WELL THEY ARE GOING THE OTHER WAY. WE HAVE BEEN VERY FORTUNATE, OBVIOUSLY THE UNITED STATES HAS STRONGEST ECONOMY IN THE WORLD BECAUSE OF A ACTIONS THAT THE PRESIDENT TOOK WHEN HE FIRST CAME INTO OFFICE BUT THIS COULD CHANGE THAT COURSE. QUITE FRANKLY, WE TALKED ABOUT 3% GROWTH IN GDP TO KEEP OUR DEBT DOWN BUT IF IT GOES DOWN INTO THE 2% CATEGORY, YOU WILL START TO SEE THE DEBT GO EVEN HIGHER BUT MY CONCERN IS OBVIOUSLY, IS OBVIOUSLY THE JOBS THAT WE’RE GOING TO LOSE, PEOPLE BEING AFFECTED FOR THE HOLIDAY SEASON, THEIR COSTS WILL GO UP. WE CAN LIVE THROUGH IT. THEY’RE NOT INTO AN ELECTION COMING UP NEXT YEAR, WE ARE SO WE HAVE TO COME TO GRIPS. I PERSONALLY WOULD HAVE LIKED TO SEE THIS WORKED WITH THE WORLD TRADE ORGANIZATION. WHEN YOU DO THESE THINGS WITH SUCH MASSIVE ECONOMY AS CHINA, YOU NEED A TEAM WORK, NOT JUST ONE COUNTRY TRYING TO DO IT. I THINK WE COULD HAVE RESOLVED THIS. WE MAY BE COME SOME HALFWAY AGREEMENT NOW. GO BACK AFTER THE ELECTION. BUT I HOPE WE HAVE SOME KIND OF A SETTLEMENT FOR THE BENEFIT OF OUR ECONOMY AND FOR OUR CONSUMER. NEIL: WHAT DID YOU THINK, ALAN, THE PRESIDENT BLAMING A LOT OF COMPANIES CITE THIS AS REASON THEY WILL HAVE LOUSY QUARTER TELEGRAPHING TROUBLES TO COME? IN OTHER WORDS IT COULD BE A LOT OF THEIR OWN PROBLEMS OF THEIR OWN MAKING AND THEY’RE HANGING THEIR HAT ON THIS AS AN EXCUSE?>>WELL I THINK HE IS MORE RIGHT THAN WRONG ON THAT. YOU SAW, YOU SAW THE TARGET, WALMART HAD GOOD, HAD GOOD FIRST HALF. NEIL: RIGHT.>>SO THEY FIGURED OUT HOW TO DO THINGS THAT GET THEIR CUSTOMER SATISFIED. I AS RETAILER AND AS A BUSINESS PERSON BELIEVE IT IS MY JOB TO FIGURE WHAT I AM GOING TO HAVE TO DO TO MAKE MY CUSTOMER HAPPY. THAT IS MY JOB. THAT IS WHAT I GET PAID FOR. WHEN I HAVE OBSTACLES LIKE THIS, I HAVE TO FIGURE WHAT THE ALTERNATIVE IS TO GET AROUND THAT. THAT MAKES THE BUSINESS FUN. CONSTANTLY CHALLENGED TO COME UP WITH NEW IDEAS TO GET SOLVED SO THAT YOU CAN GET YOUR CUSTOMER BACK INTO YOUR STORE OR BACK INTO BUYING YOUR PRODUCT AS A CORPORATE. NEIL: ALL RIGHT.

100 Comments

  1. Deplorable American says:

    Stop using Chinese shits, Plain and simple.

  2. Mike Reiley says:

    Tariffs won’t effect America if we don’t buy goods from China, raise the tariffs and penalize companies doing business in China.

  3. ziggy2009 says:

    Only if you but Chinese junk.

  4. Western V says:

    Just don’t buy China crap you will be happier

  5. Mike Reiley says:

    My wife and I went to cabelas to buy hiking shoes and none were made in America, 75 % of the shoes were made in China, the store Manager said the don’t carry USA brands, we walk out without a purchase.

  6. Lonny says:

    Boycott everything Chinese! We do!

  7. happy cats says:

    I'll gladly pay more not to buy Chinese goods

  8. Stephen Leger says:

    Time to stop buying so much crap..we have more crap than we need..I want trump to put China to the fire..take our companies and jobs back home..

  9. L Russell says:

    NEIL CAVATO HATES PRESIDENT TRUMP….THIS GUY IS A P.O.S ALL HE DOES IS TRY TO SLANDER OUR BELOVED PRESIDENT. FOX YOU DISAPPOINT ME…. trump has helped our economy….fire neil cavato is a negative man

  10. bluegent7 says:

    Then don't by* Chinese! That dictatorship isn't worthy your money.

    Edit: *buy

  11. Sileap Ek says:

    I support President Trump 100% to put more tariffs on China , Don't ever trust Communist China they cheats ,lies !!!. I rather pay little more made in the U.S

  12. jackmusic500 says:

    Does anyone like this idiot?

  13. QQTrick1QQ says:

    Government pocketing the tariffs and collecting the extra tax on inflated prices, sounds like a back door deal for both countries. Why would they not pass the tariffs onto the consumers so China is the one paying the bill instead of draining more wealth from the American people. Watch "JFK to 911 it's all a rich mans trick"

  14. happy cats says:

    It's obvious Neil eats Chinese processed meats and cheeses he's short a few brain cells.  Really does anyone to eat Chinese food products ?

  15. happy cats says:

    Hell fool  Obama never got over 2% in 8 years

  16. Retired Warrior says:

    I guess Nike is going to take a hit. That's why I buy New Balance shoes made in America. Been using New Balance since I was in the military. NB may have to purchase some of their materials here at home now, but then that's a good thing.

  17. Jim Murray says:

    Real Anericans,will suck it up.. only democrats and illegal invaders will complain even if they get the money for free.

  18. Dan Wolfe says:

    I don't care.. To hell with China.. TRUMP 2020!

  19. Tina Malsingh says:

    Good. Now maybe we can make it better and make it in the u s .so we pay a little more so what. No China no Democrats no Hollywood no gays Disney. Time to turn on the great American industry it's great news. Amen.

  20. C Gall says:

    china has STOLEN from EVERY Country they've dealt with, their Commie-Thieves!!!

  21. adviser to the Gods says:

    The tariffs give other counties an opportunity to take away a slice of China's American market share. China loses while the American consumer and China's competitors will win in the long run.

  22. victor soto says:

    Trump is riding Obama's coattails on the economy. Obama lifted US economy up after the 2008 recession. Trump has done nothing but ruin the economy.

  23. Robert Campbell says:

    Neil the not so bright. You are looking and talking about the wrong thing. The Elephant in the room IS GOLD and SILVER. They are going up up up!!! Say good bye to fake funny money, and then say HELLO to the Gold Standard is coming back to the real world. This is why every country is trying to deflate there dollars and what we are seeing is who can get to the bottom first.

  24. Michael & Paulette says:

    We can buy American.

  25. Hooyahfish says:

    Are you sick of Chinese products?
    Thank Capitalism for the situation we are in right now.

    Moving your factories overseas to save money is 100% capitalism.

  26. Dan Henry says:

    over a month away . due to processing time.

  27. Rusty Shackleford says:

    Cut off China and watch them try to come crawling back

  28. Terry Newby Realtor says:

    BUY U.S. PRODUCTS. HELP OUR COUNTRY AND HELP OUR WORKERS…….

  29. baba booboo says:

    i havent seen any effect on anything i buy on a daily basis…. lets see how far this goes

  30. Alex Homez says:

    Buy less junk, save more money.

  31. Alex Homez says:

    Stop buying China's goods and free Hong Kong. Trump 2Q2Q

  32. Pinkie Bo says:

    I will pay more as long as China losses!!!!

  33. Pinkie Bo says:

    Trump will get elected no matter what!!! The American public knows why,? China!!! The election is not everything!!!

  34. Heritage Karma says:

    Boycott stores who automatically raise prices (and you know they will) in support of these tariff haters. Separate want and need…and if you NEED buy American. America first. Oppressive is the Chinese government….ask their people.

  35. River City MOVERS says:

    I would rather pay a little more for products I buy here in America that are NOT made in CHINA!
    China must pay for all their thievery and lies and manipulation for decades ripping off America.

  36. L. Woods says:

    That's what happen when we try to use someone…now they are selling back us our merchandise triple the amount…who has the last laugh…

  37. 190lol says:

    We can buy a lot of this stuff USA made or grown. We don't need China trash stuff trash, after a year or two. Buy American and MAGA. Go Trump 2020. BTW Fox, don't stray, Trump is the winning card and you know it.

  38. bludog says:

    Socialism is the idea of hate? I thought something was just off in most of these peoples heads. Sad to watch SO many Americans be controlled by evil and say they are doing good.

  39. Janette Sudenga says:

    SHUSH, CAVUTO. YOU HAVE A TDS TRUMP DELUSIONAL SYNDROME). YOU'RE OBVIOUSLY A TRUMP HATER! CLEAR YOUR THROAT BEFORE YOU SPEAK.

  40. Dadson worldwide says:

    Oh no you may pay extra for some junk product you really dont need any ways.
    if it us a real demand then anerican companys will fill that need thus more jobs with competetive pay .

  41. Tim Norton says:

    Buy American 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

  42. Dadson worldwide says:

    The holidays are close and things slow down its the least productive months and other than the spike of shopping and the need for part time workers the numbers will be odd and low.
    this is wheb dems really do alot if economic stats as it doesnt reflect the average of the year.

  43. Vic Drago says:

    Not really. Our trade to china is only .9% of our GDP their trade to the US is only 2.9% GDP. This does not hardly change anything. So you may spend a little bit more if you buy products from China. Here is a grand idea. Dont buy anything from China.

  44. brian woo says:

    No worries. Orangutan has ties made from China in storage enough for next 10 years. Only deplorables need to pay extra.

  45. Lone Star Patriot says:

    Stop selling Chinese crap if you're worried so much. This clown is trying to put his profits and his relationship with communist China above that of the American consumer, while threatening Trump at the same time. What a sellout. He doesn't care about our economy. This piece of crap only cares about screwing over the u.s. consumer.

  46. mike John says:

    I don't feel sorry for anyone paying more for China made products when prices go up. Do without, buy USA or UK but cry me a river that you have to pay more now. DO WITHOUT or if it's not USA made get it from anywhere else.

  47. Alice's Husband says:

    Jcpenny been bad

  48. great outdoors says:

    Trump…..Putin…..Kim…..Xi, International Criminals

  49. Bill Heathcock says:

    Not my store…. we only sell made in the USA lol.

  50. David Ney says:

    Buy American quality not crap

  51. Steven Lee says:

    Who cares , we are at war with China been a cold war for generations, poor leadership in the past kept China ahead of the game ,now that we are wanting a fair shake they get all bleached butt hurt. Made in America by Americans for Americans!!!!

  52. D Storm says:

    Total tariff cost is estimated at only 460 bucks per year for the average family. No big deal.

  53. TheVasculus says:

    Stop buying Chinese goods period!

  54. Jeanne K says:

    baloney, the Chinese exporters are absorbing the tariffs

  55. BK_Deltor says:

    take a shot every time they bring in a FORMER CEO for some interview.

  56. Al Wilk says:

    JC Penny is a failing company because they buy from china… go figure

  57. Al Wilk says:

    Fox the new MSNBC FAKE NEWS Cavuto is a loser

  58. David Collins says:

    What? Are you trying to telegraph to the Chinese how to “ get “ to our President? Waisting your time and mine!

  59. ray bon says:

    all these 1980s and 1990s deals are largely defunked. they were made during an era which is no longer applicable. a time when the soviets had fallen. countries were unstable broke poor insolvent non capatalistic.

    thats all over for two decades.

    some like Angela….have to Pay Nato ….others like china have to get use to the sting of real competition.everyone in europe has to meet 2.2 of GDP. mexico and central america have to employ there own people. but worldwide training wheels are coming off.

  60. LostInPA says:

    Not if you lower prices.

  61. Mike Phillips says:

    Tariffs are a choice, you don't have to buy it. Democrats want to raise your taxes 70% you have no choice in that.

  62. James Marshall says:

    Im rich. Tariffs mean nothing to me. SUCKERS!

  63. Harry Kuheim says:

    Democrats should be happy to see all those Chinese Goods not getting to WalMart and prices rising…after all Capitalism and Consuming stuff is Bad.

  64. Chris says:

    Hey, it doesnt take a rocket scientist to figure that out! Common Sense is a minimum!!!!

  65. Lando Knight says:

    Boycott Cavuto. Oh… and chinese junk

  66. Asiantonian Settler Pro2Snd Amendment says:

    This Anchorman seems like bought and paid for by the Chinese government. The U.S doing fantastic until these China punk entered the WOT stole everything from The U.S, jobs, intellectual property and lot more…..

  67. Gary Mack says:

    We don't you to tell us any Neil or however you spell that name!

  68. Nagato Sarutobi says:

    US you need to win this trade war. I try not to by anything from China here in Canada, I try to buy local or else where. Just because mainly Chinese stuff is junk and breaks too easily.

  69. Lynn Graham says:

    It doesn't really matter the U S Chamber of Commerce is always more than ready to find an excuse to mark prices up.

  70. Hal Lives says:

    Cavuto always does the "traitor" segments.

  71. ebay says:

    Recession? I’m spending like crazy. Companies are reporting record profits, that means other people are spending as well.

  72. mountainfolks says:

    Just shows you JCPenney gets it's crap from China. No more shopping at JCpenney for me.
    Who the hell buys Chinese pork, eewww. We buy only local, same with milk, cheese and butter. No idea how these items made the list. Same with chicken and beef.

  73. William Cameron says:

    You suck.

  74. endo funk says:

    Rubbish… these morons just ignore the fact that a non moronic retailer would source the products from non tariffed sources.

  75. OG Herefano says:

    Stop buying excess you dummies.

  76. kevin hagarman says:

    Just say NO to production from China!

  77. Michael Miner says:

    $JCP (JCPenny stock) is selling at 71 cents a share. Could you not get the opinion of a buggy whip manufacturer? Were all the Amish too busy to tell us about a modern economy? Come on! Fox is better than this… or you used to be. Screw China and the bad trade deals they rode in on!

  78. Rene Gonza says:

    Buy asean products, best tires, best coffee, cheap clothes

  79. sean ausome says:

    China backed by Russia should of been cut off forty years ago. Fix America from dumass politicians. TRUMP 2020 !!!!!

  80. H. Y. says:

    How about human rights of the people in China and in Hong Kong? The guest is greedy.

  81. Chatla Suresh says:

    Will effect people in store's.
    Store's have planned and prepared for these tariff play's. The good's in the store will meet the tariff requirements. That's good meeting🤗

  82. Joker 64 says:

    That’s right! Chipotle is going to have to raise their burrito prices by 5 cents. I’m not buying these people’s “concerns”. It’s all about THEIR stocks and profits. We need to force China to play by the rules.

  83. 7 3 says:

    JAPANmediaailManyRondaringmafia

  84. Jami B says:

    We are taking the predictions of one of JCPennys ex chairman???? This is a business that couldn't see the headwinds after 2007, and as of 2019 is down 32% with a constant,, series of huge declines in value, with no upward turn in sight. I could care less what this business failure has to say.

  85. Song Iv says:

    If we built everything in America we won't have the problem so taxes 25 percent on American companies that build outside our country these companies are not for American they out for a quick bucks

  86. Jami B says:

    Here is some of JCPenny's stock value numbers…2019 -31.76, 2018 -67 %, 2017 -61.97. Don't think his advice is worth much.

  87. Steve Heart says:

    Vote for Trump in 2020 as President Trump is negotiating for jobs for US citizens. Given time, Trump’s policies will work. If trade deficits aren’t important than why are countries like China and Germany working so hard at keeping their trade surplus intact?

  88. Thanks Obama says:

    The solution?…Dont buy Chinese Goods…And obviously NEVER listen to the very same ones that sold out America for Fun and for Profit ,who then tell is how good it is for us to trade good Jobs for cheap Crap! And of course how much they worry about the plight of consumers …who are Workers …without jobs ,..there are No Consumers…

  89. Doug Shaw says:

    Not really. Market demands are not there to merit paying higher prices for overpriced Chinese goods! Former CEO is out if touch with consumers, apparently of a belief we are somehow dependent on cheap Chinese clothing that falls apart when you wash it, or tools that turn to rust on the shelf!

  90. Doug Shaw says:

    China still killing US with fentanyl, and no trace of ebola in China? Amazing!

  91. Paul Revere says:

    Made in America is the new USA.

  92. Trump WIns news at 11! says:

    great democrats worried about watermelon costing alot

  93. David Lawson says:

    Quit buying "Made In China".

  94. Grizz270 says:

    What your saying is we are a nationed based on consumerism…and if thats true then our econmic base sucks and we have a bigger problem

  95. duckgoon says:

    Ceo just want to keep making more money.

  96. Robert Kubrick says:

    The reason they didn't get the current JC Penney CEO? Because some idiot drove JCP out of business?

  97. Jk M says:

    This may hurt for a while but it is time to get this China thing fixed along with a lot of the other things that previous administrations didn’t have the guts to fix.

  98. wes c says:

    After twenty five years of politicians using our economy to build our enemy we finally realize we are being financially bled dry. Now we have to have some discomfort while correcting the situation.

  99. wes c says:

    I hope people don't think China will let companies move high tech production equipment out of their country. Now we have to build that equipment and compete with China on the world market.
    Thanks a lot Clinton and the Dems!

  100. ensign j says:

    Thank you President Trump for taking on China. The price we may pay is a small price to pay.

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