President-elect Donald Trump’s commitment to imposing tariffs on foreign goods has sparked concerns among American consumers. The National Retail Federation (NRF) predicts that a universal tariff of 10% to 20% on all imports from foreign countries could lead to significant price increases for clothing, appliances, and other items.
The proposed tariffs would primarily affect the prices of clothing, with Americans expected to pay between $13.9 billion to $24 billion more than normal. Footwear prices would also rise by $6.4 billion to $10.7 billion. Home appliances, such as washing machines and dryers, could cost consumers an additional $6.4 to $10.9 billion.
The most surprising impact of the tariffs is expected to be on toys, with a 55.8% price hike projected. This would result in an additional $8.8 billion to $14.2 billion in costs for American shoppers. The NRF estimates that if Trump’s tariffs are implemented, the spending power of American consumers could decrease by $46 billion to $78 billion annually.
While some manufacturers may benefit from the tariffs, many consumers stand to lose due to higher prices. This prediction is based on data-driven methodologies and expert analysis, ensuring an unbiased review of the potential economic impact of Trump’s proposed tariffs.
Source: https://www.gobankingrates.com/money/economy/second-trump-term-could-increase-cost-of-clothing-appliances-one-surprise-item-55-percent