As of today, tariff rates are at levels not seen in a century, which will result in hundreds of billions of dollars in new taxes paid mainly by American companies and consumers.

Effective tariff rates today are about eight times what they were when Trump took office. Retailers cannot avoid passing tariffs of that magnitude down to consumers.

Prices are rising; durable goods have risen by 1.7% this year, the fastest increase in four decades outside of the pandemic. Estimates are that households will lose more than $2,000 each year from tariff-induced price increases, paying nearly 40% more for apparel and 20% more for electronics.

If Trump does not materially lower tariff rates, the U.S. will experience higher unemployment, lower real incomes, slower economic growth, a less competitive m

See Full Page