CHARLOTTE — President Donald Trump is expected to announce a 25% tariff on all steel and aluminum imports on Monday, impacting trade with Canada and Mexico.
The tariffs have sparked concerns about potential price increases for consumer goods and economic repercussions.
The National Retail Federation, the world’s largest retail trade association, published a report in November that considered the potential impacts of increased tariffs under the Trump administration. The report looked specifically at a 10-20% across-the-board tariff increase on U.S. trade partners, and a 60-100% tariff increase on China.
The report suggests significant price hikes on items such as clothing, household appliances and electronics. For example, a new pair of $80 men’s jeans could rise to $100, a $650 new refrigerator could climb 31% to $850, and a $783 laptop might increase to $1,300.
“Across the board, we saw the tariffs would result in price increases,” said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation.
Consumer advocate Clark Howard feels panic buying could make things worse.
He believes the trickle-down will take time and may not be as bad as some analysts fear.
Shoppers like Bill and Mary Fields express concern about rising costs, while Brenda Herrera worries about the impact on technology prices, which are crucial for her work as a teacher.
“There’s nothing I would rush to buy,” said Howard. “Various industries are putting in the worst-case scenarios as sort of the backdoor way to lobby against tariffs on the items they sell. Basically, everybody needs to take a chill pill right now.”
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