Trump's tariffs would drive up consumer prices: National Retail Federation
foxbusiness.comFOX Business correspondent Gerri Willis breaks down retail sales on 'The Big Money Show.'
National Retail Federation (NRF) CEO Matthew Shay warned that shoppers could face higher prices on an array of goods if President-Elect Donald Trump's proposed tariffs on imports to the United States are implemented.
«The adoption of across-the-board tariffs on consumer goods and other non-strategic imports amounts to a tax on American families,» Shay said in a statement to FOX Business. It will drive inflation and price increases and will result in job losses."
The NRF, the largest U.S. retail trade group, estimated in a recent study that President-elect Donald Trump's proposed new tariffs could cost American consumers between $46 billion and $78 billion in spending power annually.
FOX Business' reached out to Trump's campaign for comment.
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A shopper carries bags at the Polaris Fashion Place mall on Black Friday in Columbus, Ohio, US, on Friday, Nov. 24, 2023. (Matthew Hatcher/Bloomberg via Getty Images / Getty Images)
Under the proposals, a universal 10-20% tariff would be imposed on imports from all foreign countries and an additional 60-100% tariff would be imposed on imports specifically from China. Six categories of goods would be impacted, including apparel, toys, furniture, household appliances, footwear and travel goods.
The NRF said some U.S. manufacturers may benefit from the tariffs, but the gains for U.S. producers and the Treasury would not outweigh the overall losses to consumers. The organization emphasized that low-income families would get hit especially hard.
Soppers look at clothes while others walk around Twelve Oaks Mall on November 24, 2023 in Novi,
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