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Uniqlo owner warns significant tariff impact, plans price hikes

DETROIT, JUL 10 – Tariffs on imported goods are raising costs for small businesses like Detroit's The Peacock Room, which generates $1.5 million annually and faces ongoing trade uncertainty, officials said.

  • Fast Retailing, owner of Uniqlo, said higher U.S. tariffs will significantly affect its U.S. operations from autumn 2025, prompting planned price increases.
  • This comes after President Donald Trump set a new deadline of August 1 to implement reciprocal tariff measures and extended the temporary suspension of tariffs targeting specific countries by an additional 90 days, further heightening uncertainty for businesses.
  • Fast Retailing reported a 1.4% rise in operating profit to 146.7 billion yen by May 31 but expects difficulty absorbing all tariff-related costs despite early U.S. shipments.
  • The proprietor of The Peacock Room, a boutique in Detroit, emphasized that small businesses lack extensive financial reserves, making them especially susceptible to the impacts of tariffs.
  • The tariff regime and trade tensions have dampened shopping enthusiasm and pressured profits in China, challenging global businesses to adapt to rising import costs.
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New Strait Times broke the news in Malaysia on Thursday, July 10, 2025.
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