Artistic Finishes announced it will increase prices for its products imported from China by 2 percent on Nov. 1.
The price hike is in response to 10 percent tariffs imposed on $200 billion worth of Chinese products Sept. 24 by the Trump administration.
“Artistic Finishes has worked hard in 2018 to control costs in an effort to minimize any increase in pricing to our customers,” CEO Dennis Leach said in a statement. “Recently, we have had to handle the unforeseen 10 percent Chinese tariffs … and have been working with our Chinese partners to absorb as much of this burden as possible.”
The affected products include Enduracor, bamboo, acacia and European oak flooring accessories.
The tariffs on Chinese products are slated to increase from 10 to 25 percent on Jan. 1, at which point Artistic Finishes will raise its prices by an additional 3 percent.
“If anything changes with the proposed tariffs, this could be negated and you will be notified,” Leach stated in a letter to customers. “There will be no other price increase for our many other species and products that we carry at Artistic Finishes for Jan. 1, 2019.”
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