Matthew Shay, CEO of the National Retail Federation (NRF), warned that shoppers could face higher prices on a range of products if President Donald Trump calls the election. Recommended tariffs for imports It is implemented in the United States.

“Adopting blanket tariffs on consumer goods and other non-strategic imports amounts to a tax on American families,” Shay told FOX Business. “It will increase inflation and price increases and lead to job losses.”

NRF, the largest U.S. retail trade group, estimated in a recent study that new tariffs proposed by President-elect Donald Trump could cost American consumers between $46 billion and $78 billion. annual power consumption.

FOX Business has reached out to Trump’s campaign for comment.

INFLATION INCREASED BY 2.4% IN SEPTEMBER, EXCEEDING EXPECTATIONS

A shopper carries a bag at the Polaris Fashion Place mall on Black Friday in Columbus, Ohio, United States, Friday, November 24, 2023. (Matthew Hatcher/Bloomberg via Getty Images / Getty Images)

According to the proposals, a universal customs duty of 10-20 percent would be applied to all imports from foreign countries, and an additional customs duty of 60-100 percent would be applied to imports, especially from China. Six product categories will be affected, including clothing, toys, furniture, appliances, shoes and travel items.

The NRF said some U.S. manufacturers may benefit from the tariffs, but the gains for U.S. manufacturers and the Treasury will not outweigh the overall losses to consumers. The organization emphasized that low-income families will be hit especially hard.

Suppers look at clothes while others browse through Twelve Oaks Mall on November 24, 2023 in Novi, Michigan. (Emily Elconin/Getty Images) / Getty Images)

The trade group used a $40 toaster oven as an example and estimated that the proposed tariffs would increase the cost of the product to between $48 and $52. NRF also said a $50 pair of sneakers would go for $59 to $64.

Overall, consumers will need to pay $13.9 billion to $24 billion more for clothing, $8.8 billion to $14.2 billion more for toys, and $8.5 billion to $13.1 billion more for furniture, according to NRF’s survey. They will also have to pay $6.4 to $10.9 billion more for appliances, $6.4 to $10.7 billion more for shoes and $2.2 to $3.9 billion more for travel supplies, according to the NRF.

HOUSING MARKET WHICH MAY SEE THE BIGGEST IMPACT FROM FALLING HOUSING RATES

Still, Shay stated that the industry is ready to work with the new administration and members of Congress to implement tax, trade and regulatory policies, saying, “It will make America more competitive and increase growth.” domestic investment and create jobs.”

HOUSING MARKET WHICH MAY SEE THE BIGGEST IMPACT FROM FALLING HOUSING RATES

If effective trade policies are implemented, Shay said America can become more competitive through research, development and innovation. It will also help protect our infrastructure and improve the living conditions of Americans, he added.