The National Retail Federation (NRF) has issued a stark warning: President-elect Donald Trump's plan to impose high tariffs on imported goods could cost American consumers between $46 billion and $78 billion annually. With tariffs ranging from 10% to 20% on all foreign goods, and a whopping 60% to 100% on imports from China, the impact could be devastating for your wallet.
Massive Tariffs Could Drive Prices Sky-High
According to an NRF study released this week, Trump's proposed tariffs would hit everything from clothing and toys to furniture, home appliances, shoes, and travel products. Trump believes these tariffs will force companies to manufacture in the U.S., but the NRF disagrees. "Tariffs are taxes paid by U.S. importers—not foreign exporters. These costs ultimately come out of consumers' pockets through higher prices," said Jonathan Gold, NRF Vice President of Supply Chain and Customs Policy.
Is the Trade War Worth It? U.S. Consumers Could Bear the Brunt
Trump has made his stance clear, stating, "The most beautiful word in the dictionary is 'tariff.'" However, the NRF warns that this approach could backfire—leading to fierce trade disputes, higher consumer costs, and challenges for American retailers.
Could these proposed tariffs bring jobs back to the U.S., or will they leave consumers paying more for everyday goods? One thing is certain: with such aggressive tariffs, the road ahead could be rocky for retailers and shoppers alike.