Trump's tariffs would drive up consumer prices: National Retail Federation

Published On Nov 7, 2024, 6:00 AM

The National Retail Federation (NRF) has warned that proposed tariffs by President-elect Donald Trump could lead to increased consumer prices, with potential costs to American families estimated between $46 billion and $78 billion annually. The tariffs would impose a 10-20% charge on imports and a 60-100% charge on Chinese imports, significantly raising the prices of various goods including apparel, toys, furniture, and household appliances. While some U.S. manufacturers may benefit, the NRF argues that the overall consumer burden will outweigh these gains, particularly affecting low-income families.

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The potential implementation of these tariffs could negatively impact consumer sentiment and spending, as higher prices on everyday goods may lead to diminished disposable income for households. Retailers may face decreased sales volumes as consumers adjust their spending habits in response to inflationary pressures.

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