Trump's Proposed Tariffs Threaten Consumer Prices

President-elect Donald Trump has proposed significant tariffs on imports from key trading partners, including a 25% tariff on products from Mexico and Canada, and a 10% tariff on Chinese goods. This move aims to address illegal immigration and drug trafficking, but economists warn that consumers will ultimately bear the costs through higher prices on everyday items such as apparel, toys, and household goods. Retail giants like Best Buy and Walmart are preparing for potential price increases, as they rely heavily on imported goods. The National Retail Federation estimates that these tariffs could lead to a universal price increase across various consumer product categories. Despite assurances from Trump's press secretary about minimal inflation impact from past tariffs, economic forecasts suggest that the proposed measures could reduce GDP and lead to significant job losses. As consumers express fatigue over rising prices, experts predict that these tariffs could trigger further price hikes in an already inflation-stricken economy.