Trump's tariff plans, targeting a range of goods and services with increases set between 10% and 20%, will have serious repercussions for consumers. The National Retail Federation (NRF) has analyzed these tariffs and forecasts double-digit price hikes across six significant retail categories. Brands and retailers are unlikely to absorb these added costs; instead, they will pass this financial burden onto consumers, straining household budgets. Organic Beauty Brands Are Making a Substantial Impact on the Market. 

In the immediate future, US shoppers may face an additional $24.0 billion in apparel costs, $14.2 billion more for toys, and an increase of $13.1 billion for furniture. If these tariffs persist year after year, the NRF warns that total consumer buying power could erode by $46.2 billion to $76.7 billion. For budget-conscious families, this translates to an extra $362 to $624 in annual expenses. Consumers must brace themselves for a significant shift in their spending landscape. Take On the Denim Trend To Elevate Your Winter Wardrobe. 

A chart modeling these tariffs will illustrate how prices can spike, diminishing purchasing power and potentially lowering demand across categories.

Americans are not looking for added pressure on their family finances. Every credible, non-partisan research study shows that increased tariffs on our trading partners result in higher prices for both discretionary and non-discretionary products and services. The question remains: Are these tariffs aimed at raising revenue, reducing the deficit, or bringing back jobs? Or is Trump imposing tariffs to punish Mexico and Canada for issues related to drugs and migration? In assessing the success of these tariffs, it is essential to clarify what objectives are truly being pursued.

(The above story first appeared on LatestLY on Dec 03, 2024 12:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).