NRF: Trump’s New Tariff Policy Could Cut U.S. Consumer Spending by Up to $78 Billion Annually
TMTPOST -- The proposed tariff policy by President-elect Donald Trump could significantly raise prices on items such as clothing, toys, furniture, household appliances, footwear, and travel goods, according to a report by the National Retail Federation (NRF).
If the new tariffs are implemented, U.S. consumers could lose between $46 billion and $78 billion in purchasing power annually, with an average loss of $362 to $624 per household.
Trump has previously indicated plans to impose tariffs ranging from 10% to 20% on all imported goods, with tariffs of 60% to 100% on imports from China. Additionally, he has suggested a 25% tariff on Mexican goods unless the country enacts stricter border regulations.
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