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."
Former President Donald Trump is speaking early Wednesday morning at his Election Night headquarters in West Palm Beach, Florida, as Vice President Kamala Harris' path to victory narrows. Sen. JD Vance and Trump's family appeared on stage with him.
A couple in their 70s who served as election poll workers were among at least five people killed in Missouri after torrential rains caused flash flooding across the state.
Washington — Michigan is part of the so-called "blue wall" of Midwestern states that will be crucial for Vice President Kamala Harris to win if she wants to defeat former President Donald Trump in the 2024 presidential election.
Throughout Election Day and night, CBS News' Confirmed team will be fact checking reports of threats around voting today, voter fraud, election hacking, and more as the nation votes and waits to see whether Vice President Kamala Harris and former President Donald Trump will be the 47th president of the United States.
Leonard Glenn Francis, a former defense contractor convicted for masterminding an unprecedented bribery and fraud scheme targeting the U.S. Navy, was sentenced Tuesday in federal court to 15 years in prison. He was ordered to pay $20 million in restitution and a $150,000 fine, the Department of Justice announced.
Minneapolis musician Tyka Nelson, Prince's only full sibling, died Monday at North Memorial Health in Robbinsdale, Minnesota, her son President Nelson confirmed to The Associated Press. She was 64.
Some of the earliest U.S. presidents were also the wealthiest when they entered office. In the modern era, U.S. presidents typically amass the bulk of their wealth through media deals and appearance fees, after they leave office.
A pair of ruby slippers worn by Judy Garland in "The Wizard of Oz" are on the auction block nearly two decades after a thief stole the iconic shoes, convinced they were adorned with real jewels.
Harris and Trump both want major tax changes. Here's what they're proposing — and the impact on you.
Vice President Kamala Harris and former President Donald Trump are both proposing tax changes that would rank among the largest in U.S. history, but their plans would impact very different groups of Americans by providing tax credits and cuts to some taxpayers, while raising taxes on others.
U.S. lawmakers have come a long way since making $6 a day in 1789, but their six-figure annual salary has remained frozen in time since 2009.
