HIGH POINT, N.C. — As the trade war between the United States and a number of other countries continues, American business owners and consumers are already feeling it in their wallets.


What You Need To Know

  • The High Point Market generates nearly $7 billion every year

  • Those numbers could be impacted by higher cost to import from overseas 

  • According to the AP, the current tariffs on Chinese goods sits at 145%

Furniture is one of the many industries beginning to face the impacts of paying more for their imports. 

With the High Point Market starting in less than two weeks, some business owners are uncertain about how the rising costs could impact one of the state’s top economic drivers. 

CEO of Phillips Collection Jason Phillips said even with the looming increased tariffs, customers are ready to get in the game.

“The spring market is a really important market for us. So we know through conversations we've had with our customers, they're still coming,”  Phillips said while gearing up for the big event. 

He said their inventory of furniture is sourced from all over the world, including Indonesia and Thailand, but they are not dependent on imports from China. 

Still the news of an increase in overseas shipping costs came as a surprise. 

“Our initial reaction to the tariffs that kind of sent a shockwave through the industry. I think we were all monitoring it in real time,” Phillips explained. 

He and his team have enough inventory and don’t need to order anything more from places that have been seeing increased tariffs, but the longer the tariffs continue that could change. 

“A lamp that would have normally retailed for $300 is now going to be at about a $450 price point. Luckily, we have no incoming shipments from China that will have this effect, but that's sort of an example of the kind of increase,” Phillips explained while preparing his showroom.

Even with tackling rising prices, Phillips is optimistic that there will be a good customer turnout at the High Point  Market when it opens April 26. 

“I think it's going to be a surprisingly strong market, and we are just doing our best to navigate it intelligently,” he said. 

The High Point Market is the top economic event in North Carolina, bringing in nearly $7 billion every year.

The spring market runs until April 30.