Retail group warns of "significant" price increases due to Trump's tariffs on clothing and furniture.

• A report from the National Retail Federation states that the universal tariff proposals of Donald Trump could lead to a significant increase in prices for clothing, toys, furniture, household appliances, footwear, and travel goods.
• Trump has stated that he would apply a 10% or 20% tariff on all imports and a higher rate, ranging from 60% to 100%, on imports from China.
• Nearly all six retail categories examined by the NRF are expected to experience double-digit percentage price spikes as a result of Trump's tariffs, according to the trade group.

A report from the National Retail Federation states that the former President Donald Trump's universal tariff proposals could lead to a significant increase in prices for clothing, toys, furniture, household appliances, footwear, and travel goods.

A study released before Election Day warns of the inflationary effects of the Republican presidential candidate's strict trade policies.

Trump has stated that he would apply a 10% or 20% tariff on all imports, and has also suggested imposing a China-specific tariff ranging from 60% to 100%.

The NRF concluded that Trump's tariffs would result in "dramatic" double-digit percentage price increases in nearly all six retail categories studied.

The cost of clothing could increase by up to 18.1%, the analysis revealed. This means an $80 pair of men's jeans would now cost between $96.80 and $102.40. A $100 coat would now cost between $118 and $128.

The new prices will put pressure on consumer budgets, particularly low-income households who spend three times as much of their monthly budget on clothing as high-income households do, according to the Bureau of Labor Statistics.

The greatest price spikes for toys could occur between 36.3% and 55.8%. Additionally, the price of a $200 crib could increase to between $213 and $219.

If Trump imposes both universal tariffs and especially high China rates, the report found that the more expensive retail goods would lead to a $46 billion decrease in purchasing power, eroding consumer spending on the macro level.

Mark Zandi, Chief Economist at Moody's, stated on CNBC that broad-based tariffs proposed by former President Trump would result in a significant tax increase for American families, as they would pay more for imports, reducing their purchasing power and negatively impacting their spending and the economy.

The report did not take into account Trump's new proposal, announced on Monday, to impose a 25% tariff rate on Mexico if the country does not impose stricter border regulations, which he announced at his rally in Raleigh, North Carolina.

Kamala Harris has criticized Trump's broad tariff plans as a "Trump sales tax" on American consumers, and instead, she supports a more targeted approach to the duties.

Years of free trade have decimated factory towns across America, and many voters respond well to Trump's tariff proposals.

A nonpartisan working paper found that Trump's tariffs during his first presidential term, including duties on foreign metals and washing machines, did not increase the overall number of jobs in the relevant industries.

According to Mary Lovely, a senior fellow at the Peterson Institute for International Economics, if higher taxes are imposed on imports from China, their production will shift to other less developed countries.

Lovely stated that it is unlikely that many jobs will be created in these industries due to the relatively higher wages in the U.S.

That means Americans won't see additional jobs but will see prices rise.