Trump's win could lead companies to push up prices. Here's why
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Source: cbs
By Kate Gibson Updated on: November 6, 2024 / 3:44 PM EST
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.
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For example, a $40 toaster oven would retail for $48 to $52 after the tariffs, while a $50 pair of running shoes would jump to to $59 to $64, according to the industry trade group. A $2,000 mattress and box spring set would cost $2,128 to $2,190, the NRF said.
During President-elect Trump's first term in office, his administration imposed tariffs of up to 25% on more than $360 billion in products from China. President Joe Biden's White House kept most of those tariffs and added more onto goods including Chinese electric cars and microchips.
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...............
Read more: https://www.cbsnews.com/news/trump-victory-china-tariffs-taxes-inflation/?ftag=CNM-00-10aab7e&linkId=645094473
Tariffs were a big issue during the campaigns--but seems most thought it would not affect them.
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