Former President Donald Trump's universal tariff proposals could cause prices to skyrocket on clothing, toys, furniture, household appliances, footwear and travel goods, according to a new report from the National Retail Federation.
Trump has said he would impose a 10% or 20% tariff on all imports across the board.
In both cases, the NRF found that the impact of Trump's tariffs would be "dramatic" double-digit percentage price spikes in nearly all six retail categories that the trade group examined.
The report found that the greatest price spikes could occur for toys: between 36.3% and 55.8%.
The report found that the more expensive retail goods would lead to a $46 billion decrease in purchasing power, if Trump imposes both universal tariffs and especially high China rates.
Persons:
Donald Trump's, Trump, Mark Zandi
Organizations:
Abercrombie, Fitch, National Retail Federation, Republican, Bureau of Labor Statistics, CNBC
Locations:
Manhattan, New York City, China, Mexico, Raleigh , North Carolina