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Trump's proposed tariffs raise concerns around rising costs for US consumers
(MENAFN) US President-elect Donald Trump's proposed tariffs on imports, particularly from China, are raising concerns about significant cost-of-living increases for American families. A report from the National Retail Federation highlights that these tariffs could reduce consumers' spending power by as much as USD78 billion annually, impacting household budgets across the country.
The proposed measures include a blanket tariff of 10 to 20 percent on all imports and additional levies of 60 to 100 percent on goods from China, layered on top of current duties. If enacted, these policies could drastically inflate the prices of essential consumer items like clothing, toys, furniture, household appliances, footwear, and travel goods. The report warns that even with alternative supply sources or increased domestic production, the financial strain on households would remain significant.
The National Retail Federation estimates that for six key product categories alone, the tariffs could cut consumer spending power by USD46 billion to USD78 billion annually. These increases would stem from both higher direct costs and limited ability to find cost-effective alternatives.
Currently, tariffs on these products are relatively low, often in single digits. Under the proposed policies, however, average tariffs could surpass 50 percent, marking a sharp departure from current trade practices. The potential economic impact is drawing scrutiny as businesses and families brace for higher expenses.
The proposed measures include a blanket tariff of 10 to 20 percent on all imports and additional levies of 60 to 100 percent on goods from China, layered on top of current duties. If enacted, these policies could drastically inflate the prices of essential consumer items like clothing, toys, furniture, household appliances, footwear, and travel goods. The report warns that even with alternative supply sources or increased domestic production, the financial strain on households would remain significant.
The National Retail Federation estimates that for six key product categories alone, the tariffs could cut consumer spending power by USD46 billion to USD78 billion annually. These increases would stem from both higher direct costs and limited ability to find cost-effective alternatives.
Currently, tariffs on these products are relatively low, often in single digits. Under the proposed policies, however, average tariffs could surpass 50 percent, marking a sharp departure from current trade practices. The potential economic impact is drawing scrutiny as businesses and families brace for higher expenses.
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