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Why Trump’s win could spur retailers to push up prices
As President-elect Donald Trump readies to return to the Oval Office, retailers that depend on foreign suppliers are prepared to pass along the cost of his proposed import tariffs to consumers, who can expect to pay more for products, from toys to auto parts.
Americans stand to lose between $46 billion and $78 billion in spending power each year on products including apparel, toys, furniture, household appliances, footwear and travel goods due to the new tariffs, the National Retail Federation stated in findings released Monday.
“Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices,” NRF Vice President of Supply Chain and Customs Policy Jonathan Gold said. “A tariff is a tax paid by the U.S. importer, not a foreign country or the exporter. This tax ultimately comes out of consumers’ pockets through higher prices.”
For example, a $40 toaster oven would retail for $48 to $52 after the tariffs, while a $50 pair of running shoes would jump to to $59 to $64, according to the industry trade group. A $2,000 mattress and box spring set would cost $2,128 to $2,190, the NRF noted.
In his first term, the Trump administration imposed tariffs of up to 25% on more than $360 billion in products from China. President Joe Biden’s White House kept most of those tariffs and added more onto goods including Chinese electric cars and microchips.
Now, the former president has said he plans to impose a 60% tax on goods from China and a 10% to 20% fee on all of the $3 trillion in foreign goods the United States imports annually.
The broad-based tariffs would reignite inflation, as they’d mostly be paid by U.S. consumers, Treasury Secretary Janet Yellen has warned, offering a general view shared by other economists.
“A consistent theoretical and empirical finding in economics is that domestic consumers and domestic firms bear the burden of a tariff, not the foreign country,” the nonpartisan Budget Lab at Yale University stated in an analysis published in mid October.
Trump has repeatedly contended that foreign companies would foot the bill, telling a gathering last month at the Economic Club of Chicago that “the countries will pay” the tariffs, or taxes on imported goods. In reality, American importers pay the tariffs to the U.S. Customs and Border Protection agency when their goods cross the border.
“These policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases,” and cost a typical middle-income household about $1,700 in increased taxes a year,” according to economists at the Peterson Institute for International Economics. The proposed tariffs would shift tax burdens from the well-off to lower-income Americans, the nonprofit stated in a policy brief published in August.
Harvard professor and former Treasury Secretary Lawrence Summers questioned the wisdom of taxing imports, noting the potential impact on purchasing gifts for children. “For parents, we’re coming up on the holiday season and most of our toys are imported from China,” Summers tweeted on Thanksgiving Day.
Trump has argued that tariffs compel American companies to make goods on U.S. soil rather than purchasing from foreign suppliers.
But companies including auto-parts supplier AutoZone have other plans.
“If we get tariffs, we will pass those tariff costs back to the consumer,” Philip Daniele, CEO of AutoZone, told an earnings call in late September. “We’ll generally raise prices ahead of — we know what the tariffs will be — we generally raise prices ahead of that,” Daniele said.
Asked how he viewed the impact of inflation and tariffs on his business, Daniele stated that “historically, the industry sees 3%-5% inflation in average ticket and 1%-3% decline in transactions.”
Major suppliers to AutoZone include companies based in China, India and Germany, the Memphis, Tennessee-based company said in a June press release.
Stanley Black & Decker CEO Donald Allan Jr. last week said his tool-producing company has been planning for the possibility of a “new tariff regime” since the spring. “Obviously, coming out of the gate, there would be price increases associated with tariffs that we [would] put into the market.”
Allan downplayed the idea of moving manufacturing back to the U.S., saying it would not be cost-effective.
The company’s options could include “moving production and aspects of the supply chain to different parts of the world,” including from China to other parts of Asia and possibly Mexico, the executive said.
Such a shift has already been made by Shelton, Connecticut-based Acme United, which now has its Westcott brand products like rulers made in Thailand and the Philippines, avoiding the tariffs targeting China, CEO Walter Johnsen said in an earnings call.
Acme has also switched production of certain medical products to India, Egypt and U.S. plants in Florida, North Carolina and Washington state, the executive said.
Businesses have also stocked up, placing bigger-than-usual import orders ahead of new tariffs taking hold, as the U.S. imported 11% more Chinese products in July and August than they did during the same two-month period a year ago, according to the Census Bureau.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.