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Trump Tariff Proposals Could Cost Americans $78 billion in Annual Spending Power, According to NRF Study

American consumers could lose between $46 billion and $78 billion in spending power each year if new tariffs on imports to the United States are implemented, according to a new study released today by the National Retail Federation.

NRF’s study, “Estimated Impacts of Proposed Tariffs on Imports: Apparel, Toys, Furniture, Household Appliances, Footwear and Travel Goods” examines how former President Donald Trump’s tariff proposals – a universal 10-20% tariff on imports from all foreign countries and an additional 60-100% tariff on imports specifically from China – would impact these six consumer products categories: apparel, toys, furniture, household appliances, footwear and travel goods.

“A tariff is a tax paid by the U.S. importer, not a foreign country or the exporter. This tax ultimately comes out of consumers’ pockets through higher prices.”