Advertisement

NRF: Trump Tariffs Would Subtract $78 Billion in Spending Power from U.S. Consumers

syahrir-stock.Adobe.com

A new study from the National Retail Federation (NRF) revealed that former (and now future) President Trump’s plans to significantly increase tariffs, particularly on goods from China, would cost American consumers between $46 billion and $78 billion in spending power if they are implemented. For example, a $40 toaster oven would cost $48 to $52 after tariffs, while a $2,000 mattress and box spring set would end up costing $2,128 to $2,190.

“Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices,” said Jonathn Gold, VP of Supply Chain and Customs Policy at NRF 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.

President-elect Trump has proposed a universal 10% to 20% tariff on imports from all foreign countries, with an additional 60% to 100% tariff on Chinese imports. The NRF study examined the impact of these increases on six product categories and the range of how much more consumers would pay for these products:

  • Apparel: $13.9 to $24 billion;
  • Toys: $8.8 to $14.2 billion
  • Furniture: $8.5 to $13.1 billion;
  • Household appliances: $6.4 to $10.9 billion;
  • Footwear: $6.4 to $10.7 billion; and
  • Travel goods: $2.2 to $3.9 billion.

Advertisement

Featured Event

View the Retail Trendcaster Webinar Series on-demand to uncover key 2025 retail trends, from AI and personalization to social commerce. Gain expert insights, data-driven predictions, and actionable takeaways to stay ahead in a rapidly evolving market.

Advertisement

Advertisement

Retail Trendcaster Webinar Series
Days
Hours
Minutes
Seconds

Uncovering What’s Next in Retail

On-Demand Limited Video Series

Q1 is a pivotal time for retail, with experts analyzing holiday sales and forecasting trends. View the full lineup of the Retail Trendcaster video series for insights on consumer spending, AI, personalization, social commerce, and more—helping you focus on what truly matters in 2025.

Brought to you by
Retail TouchPoints
Access Now
Retail TouchPoints is a brand of Emerald X LLC. By clicking the button and submitting information, you acknowledge and agree that your information may be shared with corporate affiliates of Emerald X LLC, and other organizations such as event hosts, speakers, sponsors, and partners. Please read our Privacy Policy and our Terms Of Use for more information on our policies.

Access The Media Kit

Interests:

Access Our Editorial Calendar




If you are downloading this on behalf of a client, please provide the company name and website information below: