US Retailers Encourage Shoppers to Purchase Now Amidst Trump Tariff Concerns: Report
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New York, Nov 30 (NationPress) A multitude of US companies are encouraging clients to buy now before the anticipated tariffs proposed by President-elect Donald Trump potentially escalate costs and prices, as reported by local media.
During his campaign, Trump pledged to implement tariffs as high as 60 percent on all Chinese products and blanket tariffs ranging from 10 percent to 20 percent on imports from other nations. Recently, he outlined plans to impose a 25 percent tariff on goods from Mexico and Canada, along with an additional 10 percent on items arriving from China, as cited by Xinhua news agency referencing The Wall Street Journal (WSJ) on Friday.
"The exact tariffs to be applied and their impact on prices remain uncertain," the report stated. "Companies are seizing the moment as fear and uncertainty grow, with indications that consumer spending is beginning to decline."
While most major corporations have not yet integrated alerts about potential tariffs into their advertising strategies, some have indicated that they may need to transfer increased costs to consumers, according to the report.
According to a recent study by the National Retail Federation, "Tariffs could reduce consumer spending power by up to $78 billion annually. Small business owners express concern that rising prices may lead consumers to cut back on spending and become more discerning regarding their purchases," it continued.
