President-elect Donald Trump announced on the 25th that his administration plans to impose a 25% tariff on all imports from Mexico and Canada.
On the same day, Trump took to his social media account to declare that, once in office, he will implement a 10% tariff on all goods imported from China.
A November report by the National Retail Federation (NRF) warns that if the tariff plan goes into effect, it could slash American consumers’ annual spending power by as much as $78 billion.
Everyday consumer goods, including apparel, toys, furniture, home appliances, footwear, and travel products, are projected to face significant disruptions.
