This story was first published by Digiday sibling ModernRetail
Earlier this summer, Matthew Hassett, the founder of lamp and clock brand Loftie, realized he couldn’t depend on the U.S. market like he had in the past.
Ninety-five percent of Loftie’s sales were from U.S. customers, but the company was stuck paying tariffs of up to 180% to bring in products from China. That number could change in November, when a trade truce is set to expire — and if costs go up even more, Loftie won’t have the funds to ship to the U.S. for the holidays.
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