LAS VEGAS (KTNV) — New changes to tariffs are stirring up more confusion and leading to uncertainty over prices.
Business owners and consumers alike tell me it's tough to manage it all.
“That’s frustrating but you know what are we going to do? We need to run everything so we’re trying our best but it’s still hard still," said Las Vegas Souvenirs & Gifts Shop Owner Jimmy Singh.
WATCH| Ryan Ketcham speaks to local business owner on the effects of tariffs on his business
Singh says the Trump Administration's tariffs impact nearly all of his products, which means he had to change prices.
“$6, $7 prices for shot glasses, then I raise to $10 and some I have for $13.99," said Singh.
From keychains to shot glasses, shirts and more, most products at his shop come from outside the U.S.
“I can say like 90% from China. That’s a lot," said Singh.
He tells me since the Trump Administration's tariffs went into place, he's seen a shocking trend with his customers.
He says the average customer would see cheaper prices and purchase around $100 worth of memorabilia, but he says now customers spend $30 to $40 on average.
Singh says tariffs and high prices in several industries, including insurance and groceries is leading to this trend as well.
For Javier Anaya, one of the co-owners at Pinches Tacos, it's been tough. He's had to bump up his prices, too.
“We’ve done 5% lately," said Anaya.
That hasn't helped much though. He says it's just made up for a portion of the losses his company is facing due to tariffs.
“We haven’t made a profit in the last 2 years, luckily we have restaurants in Los Angeles too that are monsters," said Anaya.
That could all change soon.
The Supreme Court ruled Friday that Trump's tariffs were illegal and needed congressional approval, so those are no more.
“I’m happy for that, actually, so the price we are getting is cheaper now, so I can sell my items cheaper," said Singh.
However, President Trump responded by announcing a global 15% tariff, leaving business owners confused.
This tariff is done by executive order using Section 122 of the 1974 Trade Act.
This law allows a temporary import surcharge of up to 15% for a maximum of 150 days. It's unclear if another executive order can be placed after the 150 days expire, or if there has to be room or proof to continue.
Adding to all the confusion, there's now a debate over what happens to revenue from tariffs the Supreme Court struck down. Will it need to be given back? Nevada State Treasurer Zach Conine thinks so.
He sent the Trump Administration a bill for $2.1 billion. In a statement regarding the bill, he said:
"As Nevada’s chief investment officer, I have a responsibility to try to recoup every single dollar that the Trump Administration takes from Nevada families.”
As for consumers, they just hope prices go down soon.
“It would be lovely if everything went down so my children could actually live a life in this country because you know it’s really super expensive right now," said Michaelene Kelly
Locals and business owners alike tell me they just want relief right now and are hoping what happens in Washington will help them here in our valley.
