Vice President Kamala Harris has campaigned against Donald Trump’s tariff proposals, calling them a sales tax on American consumers.
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. He has also floated tacking on a specifically high China rate of between 60% and 100%. These new prices would squeeze consumer budgets, especially for low-income households that spend triple as much of their monthly budgets on apparel as high-income households spend, according to theThe report found that the greatest price spikes could occur for toys: between 36.3% and 55.8%. The price of a $200 crib would also rise to between $213 and $219.
"Broad-based tariffs on the scale former President Trump has proposed will act as a massive tax increase on American families as they pay more for all imports, cutting into their purchasing power and thus weighing heavily on their spending and the overall economy," Chief Moody's Economist Mark Zandi told CNBC.
But many voters respond well to Trump's tariff proposals, feeling that years of free trade decimated factory towns across America.
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