As President-elect Donald Trump readies to return to the Oval Office, U.S. retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed import tariffs to consumers, potentially leading to higher prices for a range of products.
'These policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases,' and cost a typical middle-income household about $1,700 in increased taxes a year,' according to economists at the Peterson Institute for International Economics. The proposed tariffs would shift tax burdens from the well-off to lower-income Americans, the nonprofit also stated in a policy brief published in August.Harvard University professor and former U.S.