During his campaign, President-elect Donald Trump made several propositions for the economy, including tariffs on foreign-made goods, according to a Nov. 6 report from Forbes.
On Nov. 4, Mr. Trump suggested raising tariffs by at least 25%, which could rise to 100%, on goods made in Mexico. He has also suggested that anything made abroad may be hit with a 60% tariff.
"Go to Walmart, virtually everything in Walmart is made in China," Roger Entner, an analyst at Recon Analytics, told Forbes. "We decided to make China our factory. It took decades to do that and it will take years if not a decade to undo that. It’s not just one thing. It's whole supply chains."
If Mr. Trump makes good on his promise for high tariffs, virtually everything made abroad could be more expensive for Americans. He has claimed that by imposing tariffs, companies will be more likely to bring manufacturing back to the U.S.
Tariffs historically have been used to influence companies and consumers to buy domestically made goods. While some products have good domestic equivalents, others do not, according to the report. For example, some technology, including all smartphones, along with most consumer electronics used in America, are manufactured in and imported from Asia.
The National Retail Federation, a trade group, released an analysis saying the effects of Mr. Trump's tariffs would be "dramatic."
Another analysis by the Yale Budget Lab found that all Americans would feel some sort of effect from tariffs, given that some domestic companies may even raise prices knowing that their foreign competitors have been forced to increase prices.