Luxury shoppers in the US, and China, are in for a rough ride. The tariffs on Chinese goods will affect mink furs, crocodile handbags, leather accessories, silk, handmade lace, gold leaf, and fabrics used specifically for ballet, opera and theater sets.

Fur garments made in China and sold in the US are subject to both import and export tariffs. Retail prices for mink coats in the US could soar by as much as 45 per cent. Prices will also go up for Chinese shoppers. That’s bad news for American mink farmers since 80 per cent of their market is now Chinese consumers. Price hikes as a result of the tariffs probably will happen in the middle of 2019.

Steeper prices on fancy products will also affect shoppers of modest means who buy products that look like luxury but are not. These include leather flat goods — items like key holders and wallets. Those accessories help a consumer get the feeling of being in the big league. Leather coats are another example. A cowhide version of a coat costs 20 times as much as a pigskin version. A 25 per cent tariff on a pigskin will eliminate that product from the market and take that choice away from the middle-income customer.