“Estimated Impacts of Proposed Tariffs on Imports: Apparel, Toys, Furniture, Household Appliances, Footwear and Travel Goods” examines how former President Donald Trump’s tariff proposals – a universal 10-20% tariff on imports from all foreign countries and an additional 60-100% tariff on imports specifically from China – would impact these six consumer products categories: apparel, toys, furniture, household appliances, footwear and travel goods.
Key findings from the study include:
- The proposed tariffs on the six product categories alone would reduce American consumers’ spending power by $46 billion to $78 billion every year the tariffs are in place.
- The proposed tariffs would have a significant and detrimental impact on the costs of a wide range of consumer products sold in the United States, particularly on products where China is the major supplier.
- The increased costs as a result of the proposed tariffs would be too large for U.S. retailers to absorb and would result in prices higher than many consumers would be willing or able to pay.
- Consumers would pay $13.9 billion to $24 billion more for apparel; $8.8 billion to $14.2 billion more for toys; $8.5 billion to $13.1 billion more for furniture; $6.4 billion to $10.9 billion more for household appliances; $6.4 billion to $10.7 billion more for footwear, and $2.2 billion to $3.9 billion more for travel goods.
- For all categories examined, total average tariffs would exceed 50% in the extreme tariff scenario, up in most cases from single or low double digits currently.
The study was commissioned by NRF and prepared by Trade Partnership Worldwide LLC.