President-elect Trump is set to introduce heavy tariffs on imported goods, continuing from his first term and President Biden's tenure. With proposed taxes of up to 60% on some imports, consumers may face higher prices on items like clothes and electronics.
President-elect Trump has promised significant tariffs on imported goods, when he returns to the White House. In his first-term, he levied about $80 billion worth of tariffs, ostensibly, to protect domestic business, and President Biden has kept most of them in place. This time, the new Trump White House plans to go much further, and there is mixed-reaction to what may happen, and who will pay the price if it happens.
Specifically, electronics, clothes, toys and groceries could see increases, as higher costs are, likely, passed-on to consumers.The National Retail Federation says apparel costs could rise by as much as 20%, while the Consumer Technology Association expects the price for some consumer electronics could jump nearly 50%.Get news, weather and so much more on the new FOX LOCAL app The broader goal for the proposed tariffs is to encourage U.S.
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