The holiday season is notoriously tough on the wallet. And this year, the impact may be even more dramatic, thanks to price hikes resulting largely from the slate of tariffs enacted under President Donald Trump.

Even though the “impact so far this year has been muted, tariffs are expected to catch up with prices consumers pay just in time for the holiday shopping season,” said CNBC . There may also be fewer, and less generous, discounts to soften the steeper price tags.

What effects will tariffs have on holiday shopping?

If Trump’s current tariffs had been in place during the 2024 holiday shopping season, it is estimated that “consumers would have shouldered an estimated $28.6 billion” in added costs on gift purchases, said LendingTree , citing its analysis of data sources i

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