Many SF Chinatown businesses in survival mode, facing uncertainty from Pres. Trump's trade war
SAN FRANCISCO (KGO) -- Many businesses in San Francisco's Chinatown are feeling the impact of the trade war as Donald Trump's presidency hits 100 days on Tuesday.
The businesses are in survival mode as it faces uncertainty and price hikes.
While the president has paused his so-called reciprocal tariffs on countries around the world until early July, he's still imposing a 145% tariff on most goods coming from China.
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Nancy Yu owns four stores in Chinatown, including Asiastar Fantasy.
She tells us she just returned from a trip to China last week, where the uncertainty is hitting not only her but also her business partners.
"We had really good talks with all my suppliers and my shipper, and we all think we should hold my shipment a little bit," Yu said.
MORE: China says there are no negotiations with the US over tariffs
Yu says she's choosing to delay shipments of new supplies for her stores for the next couple of months.
Since the start of the trade war, Yu says the cost to ship some of her normal supplies over have doubled, or even tripled.
The tariffs are having an impact not just on local businesses in Chinatown but on many residents as well.
Several stores in this area tell ABC7 News people are stockpiling up on supplies in anticipation of potential price rises.
"Everybody come to buy the soy sauce, come to buy the rice... come to buy the snacks," said Mill Lei.
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At Jumbo Trading Company, owner Mill Lei says many people have been buying imported food in bulk.
The grocery store owner tells me since the tariffs were put in place the price she's had to pay for many goods has risen rapidly.
Lei says they sometimes rise so fast that she has to change her pricing stickers every few days.
MORE: Here's how Trump's tariffs on China could impact US families
The uncertainty causing Lei to import massive amounts of supplies such as rice before prices rise even more.
"I think it's 400 bags. Yeah, the small bags 400 bags and the big bags 200 bags," Lei said.
Back at Asiastar Fantasy, Yu says she's taken all the steps she can to protect her business.
MORE: California sues to stop President Trump from imposing sweeping tariffs
Now, she's hoping new trade deals can be struck over the coming months to help bring prices back down again.
"Hopefully by July, there's some good news going on so I don't have to make hard decisions over what to get and what not to get, and have to think very carefully,
Yu said.
President Trump says trade negotiations with countries including China remain ongoing.
