Trump's Tariff Plans: Impact on U.S. Shipping and Retail

Donald Trump's proposal to increase tariffs if re-elected is expected to spike cargo rates and inflation, echoing the effects seen during his previous term. Opponents include industry experts and retail groups who argue tariffs function as a sales tax, inflating consumer costs and disrupting supply chains.

Donald Trump's proposal to increase tariffs if re-elected is generating significant concern among shipping and retail experts. If implemented, the tariffs could send cargo rates skyrocketing and accelerate inflation, similar to what occurred during his previous term.

Trump's plans include a blanket tariff of 10%-20% on nearly all imports and a hefty 60% on Chinese goods. Vice President Kamala Harris, who is contesting against him, criticized these plans, hinting that they would hurt working families. However, Harris has yet to release her own tariff proposal.

Industry experts from organizations such as the National Retail Federation believe these tariffs will operate like a sales tax, increasing costs for consumers and disrupting supply chains. Historical data supports these concerns, as container shipping rates spiked more than 70% during Trump's initial tariff increase in 2018.

(With inputs from agencies.)