Donald Trump Win: Many American retailers are appealing to their customers to shop immediately. Retailers say that it is wise to shop before the proposed tariffs of the newly elected President Donald Trump will increase costs and prices. This information was given in American media reports.

During the election campaign, Trump promised to impose a 60 percent tariff on all Chinese goods and 10 to 20 percent tariffs on goods coming from other countries. On Monday, he planned to impose a 25 percent tariff on imports from Mexico and Canada and an additional 10 percent tariff on goods coming from China. 

likely to impact prices

News agency Xinhua gave this information on Friday quoting The Wall Street Journal (WSJ). The report said that it is not clear which tariffs will be imposed and how much impact they will have on prices. Fear and uncertainty are increasing among companies and there are signs of weakness in consumer spending.

Losses likely to reach $78 billion

While most major companies have not yet incorporated warnings about potential tariffs into their marketing campaigns,
tariffs are expected to cost shoppers up to $78 billion in annual spending power, according to a recent study by the National Retail Federation.

Small business owners say higher prices will force shoppers to restrain their spending and be more selective about what types of products they buy.