Summary
Tariffs on imported goods could make holiday gifts more expensive for American shoppers in 2025. A study found that these tariffs might add $28.6 billion to the costs of holiday purchases, especially affecting electronics and clothing. President Trump's tariff policy aims to benefit the country long-term, but consumers may feel the immediate burden.
Key Facts
- Tariffs could add $28.6 billion to holiday shopping costs compared to last year.
- On average, each shopper might spend an extra $132 on gifts due to tariffs.
- Electronics and clothing are the categories with the highest increase in costs.
- In 2024, imported goods made up $377.7 billion of holiday purchases.
- 88% of clothing and nearly 69% of electronics came from overseas.
- U.S. tariffs on goods from countries like China and Vietnam are higher than in many other nations.
- The effective U.S. tariff rate in the study is 17.8%, with 70.5% of those costs passed to shoppers.
- President Trump's policy aims to bring jobs back but may raise prices for consumers in the short term.
