LAS VEGAS (KTNV) — As dozens of new global tariffs are now in effect, these trade changes are not just impacting importing and exporting globally.
They're impacting stores right here in our valley.
I spoke to one local shop owner to understand the effects these tariffs are having on Las Vegas businesses.
Thursday, new reciprocal tariffs ranging from 10% to 50% went into place for 70 countries. The other countries, totaling more than 150, are also facing a baseline of 10% tariffs that went into place April 5.
The nonpartisan Yale Budget Lab says these are the highest tariffs since 1935, and U.S. households could spend an extra $2,400 on average this year due to the increased prices.
Those tariff impacts are already seen in our valley as one local souvenir shop tells me it's driving his prices up.
“So the prices are going higher and I can’t buy too. The customers, the same thing. They cannot buy also for expensive items,” said Jimmy Singh, owner of Las Vegas Souvenirs & Gifts Shop.
His business is located near the corner of Koval Lane and Flamingo Road, selling items from all around the world.
“Mostly I got all my merchandise from China,” Singh said.
Singh then showed me a wall of clothes that he says are all from India.
I even found tags from Thailand, Bangladesh, Mexico and Vietnam too.
Those countries are all facing new tariffs, some implemented Thursday and others that are being negotiated between the U.S.
Vietnam and Bangladesh are at 20%, Thailand at 19%, India and Mexico at 25% and China at 55%.
India could face even higher tariffs as there is a 20-day period the Trump Administration placed on the country to avoid a 50% tariff.
“When they put to 50%, I don’t think that we can pay that much for the t-shirt and dresses,” Singh said.
He expects prices to skyrocket.
“That’s from India too, so that’s called a jumper suit. Now I’m selling for $29.99, so very soon that will be $45 too,” Singh said.
Prices have already gone up, though.
I last spoke with Singh about tariffs in May, and he showed me some shot glass prices at the time.
“Before we had this item at $10,” Singh said.
That same style of shot glass now goes for $13.99 at the store. That increase happened in only three months.
His business is not the only one impacted. I’ve spoken with several businesses either currently increasing prices or expecting a price bump soon.
Local experts tell Channel 13 that two of the biggest worries for customers are inflation and tariffs.
Singh says his customers see the increases and are feeling the pain.
Ray Arreola, who is traveling to Las Vegas from Fort Worth, Texas, showed me several items he saw a price jump on.
He showed me a key/knife,
“Now I could tell you this. When we went here in March, these were $5.99,” Arreola said.
I asked him how much the product is now.
“$7.99,” Arreola said.
He then showed me a bottle cap opener keychain.
“They were $1.99, now they’re $3.99," he said.
It’s not just prices for customers going up, though; wholesale cost is also up, but Singh says he can’t put all of it on the customer.
“Still, I’m eating like 60% for not raising my prices,” Singh said.
He has even tried to get more trendy items like Labubus in his store to offset the cost increases, but it hasn’t worked. He’s now buying fewer products to save more money.
“We had to bring less because we can’t sell it,” Singh said.
Singh tells me business is down about 30% and he has already had to raise some prices and is looking to raise others if costs increase by 30% - 50%.
While these new tariffs are in place, Singh and his customers tell me they just hope relief comes soon and new trade deals are announced to help everyone.
