Many US businesses are urging customers to buy now before President-elect Donald Trump's proposed tariffs potentially raise costs and prices, local media reported.
Throughout his campaign, Trump promised to impose tariffs of 60 per cent on all Chinese goods and across-the-board tariffs of 10 per cent to 20 per cent on goods from other countries.
On Monday, he laid out plans to levy tariffs of 25 per cent on imports from Mexico and Canada, and an additional 10 per cent on goods coming from China, reported Xinhua news agency, citing The Wall Street Journal (WSJ) on Friday.
It is unclear what tariffs will be levied and how much they will affect prices," the report said. "Companies are pouncing at a moment when fear and uncertainty are on the rise and consumer spending is showing signs of weakness.
Most large corporations have yet to include warnings about possible tariffs in their marketing campaigns, and they may not explicitly do so at all. But some have pointed out that they might need to pass on higher costs, said the report.
"Tariffs could cost consumers as much as $78 billion a year in lost purchasing power, according to a new study by the National Retail Federation. Small-business owners believe higher prices will prompt consumers to cut back on how much they spend and become more discerning about what they buy, it added.
Read also| Trump Cabinet Nominees Faced with Bomb Threats and Intimidation
Read also| Israeli Airstrike Hits Lebanon Despite Ceasefire Agreement
