President-elect Donald Trump is set to resume his tariff plans upon taking office, proposing a 25% tariff on imports from China and Mexico, alongside an additional 10% tariff on Chinese goods. This initiative aligns with his campaign promises and aims to address trade imbalances. However, a National Retail Federation study warns that such tariffs could reduce U.S. consumer spending by up to $78 billion annually, raising prices on various goods. Experts suggest these tariffs could exacerbate inflation and provoke retaliatory measures from affected countries, complicating U.S. trade relations.

Source: https://www.logisticsmgmt.com/article/president_elect_trump_is_ready_to_implement_new_tariffs_upon_taking_office_in_january/