Retailers say they're ready for potential Trump tariffs

The video discusses the potential impact of tariffs proposed by President-elect Donald Trump on U.S. companies and consumers. Trump plans to impose significant tariffs on goods from trading partners, especially China, which could lead to higher consumer prices. Retailers are considering strategies to manage these tariffs, such as absorbing costs or passing them to consumers. Corporate leaders from Walmart and Lowe's express concerns and readiness to adapt. Economic projections suggest these tariffs could generate significant federal revenue but also increase household costs.

What is a tariff?

• A tax on services

• A tax on income

• A tax on property

• A tax on goods crossing national borders

How might companies handle the increased costs due to tariffs?

• By increasing production

• By closing stores

• By reducing employee wages

• By absorbing the costs or passing them to consumers

What did Walmart's CFO say about the potential impact of tariffs?

• The company will increase wages

• The company will close stores

• Prices will likely increase for consumers

• Prices will remain the same

According to the Tax Foundation, how much revenue could a 20% tariff generate for the federal government?

• $4 trillion

• $2 trillion

• $3.3 trillion

• $1 trillion

What is the estimated increase in annual costs for the average U.S. household due to tariffs?

• $1,000

• $3,500

• $4,200

• $2,600