Proposed US Tariffs and Their Impacts—Price Hikes Likely, Making Diverse Supply Chains a Must

What's Inside

During his campaign, US President-elect Donald Trump proposed a 60% tariff on Chinese imports and a 10%–20% tariff on all products imported from other US trading partners. This move is expected to result in price hikes across a wide range of sectors. Following his campaign, in November 2024, Trump announced “an additional 10% tariff, above any additional tariffs” on imports from China, as well as a 25% tariff on imports from Canada and Mexico.

We discuss the anticipated impact of the potential tariffs on both US retailers and consumers.

Data in this research report include:

• The value and share of selected countries’ product imports to the US for various categories, 2022
• Laundry equipment Consumer Price Index (CPI), 2018
• Estimated impact of President-elect Trump’s proposed tariffs on a yearly basis, both in total and on a per-household basis

Companies mentioned in this report include: Best Buy, Coty, Lowe’s, Qurate Retail, Ross Stores, Steve Madden, Tapestry, TJX Companies, Walmart, Wayfair, Williams-Sonoma

Other relevant research:

• US-China Trade Issues: US Applies Tariffs to All Imports from China
• President Trump Threatens Additional Tariffs on Chinese Imports Ahead of Crucial Trade Talks
• Retail 2025: What Will Redefine US Retail?—Coresight Research Predictions