Trump's win could lead retailers to push up prices. Here's why.
CBSN
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.
Americans stand to lose between $46 billion and $78 billion in spending power each year on products including apparel, toys, furniture, household appliances, footwear and travel goods due to the new tariffs, the National Retail Federation stated in findings released Monday.
"Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices," NRF Vice President of Supply Chain and Customs Policy Jonathan Gold said in a statement. "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."
