“American consumers could lose between $46 billion and $78 billion in spending power each year if new tariffs on imports to the United States are implemented, according to a new study released today by the National Retail Federation. NRF’s study, ‘Estimated Impacts of Proposed Tariffs on Imports: Apparel, Toys, Furniture, Household Appliances, Footwear and Travel Goods’ examines how former President Donald Trump’s tariff proposals, a universal 10-20 percent tariff on imports from all foreign countries and an additional 60-100 percent tariff on imports specifically from China, would impact these six consumer products categories: apparel, toys, furniture, household appliances, footwear and travel goods,” says the National Retail Federation in a press release.

“‘Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices,’ NRF Vice President of Supply Chain and Customs Policy Jonathan Gold said. ‘A tariff is a tax paid by the US importer, not a foreign country or the exporter. This tax ultimately comes out of consumers’ pockets through higher prices.’ While some US manufacturers may benefit from the tariffs, the gains to US producers and the Treasury from tariff revenue do not outweigh overall losses to consumers. For example, a $40 toaster oven would cost consumers $48-$52 after the tariffs. The price of a $50 pair of athletic shoes would jump to $59-$64 and a $2,000 mattress and box spring set would end up costing $2,128-$2,190.”

“Within each category, higher prices and loss of spending power would hit low-income families especially hard,” the press release continued. It doesn’t say anything about how the tariffs would help address child-care costs the way that Trump promised they would a few months ago.