MorphCostumes’ biggest market is America, particularly around Halloween, when children from Detroit to West Palm Beach like nothing better than ghost outfits and fake blood. Smeaton—who runs the company from its Edinburgh headquarters—is now an expert in global tariff policy and the negative impact of economic volatility and barriers to trade. The President should give him a call.
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“We find that consumer prices have risen disproportionately in categories facing larger tariff increases,” Goldman Sachs said in a note to investors and analysts last autumn. An updated forecast this week estimated that “tariff pass-through increased core PCE (personal consumption expenditure) prices by about 0.7% through January and will raise prices by a further 0.1% in the remainder of 2026.”