President-elect Donald Trump's vow to raise tariffs could have Americans paying more for goods, from toys to auto parts, experts say.
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As President-elect Donald Trump readies to return to the Oval Office, U.S. retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed
import tariffs to consumers, potentially leading to higher prices for a range of products.
Americans stand to lose between $46 billion and $78 billion in spending power each year on products including apparel, toys, furniture, household appliances, footwear and travel goods due to the new tariffs, the National Retail Federation stated in
findings released Monday.
Now, Trump has said he plans to impose a 60% tax on goods from China and a 10% to 20% levy on all of the $3 trillion in foreign goods the U.S. imports annually. Such sweeping tariffs would reignite inflation, as they would mostly be paid by U.S. consumers, Treasury Secretary Janet Yellen has warned, offering a general view widely
shared by other economists on both sides of the political aisle.
You got what you wanted now live with it.