President Donald Trump’s tariffs on imported goods are set to cost taxpayers more than $28.6 billion on holiday expenses according to a recent LendingTree analysis.
The debt consolidation company has estimated that Trump’s current tariffs would translate to an average of $132 in additional costs for every holiday shopper in the United States.
Toys are among the items that are expected to have significant increases this holiday season as a result of President Donald Trump’s tariffs.
“While it may not be earth-shattering, it can have a real impact on many families. It could prompt people to cut back on gift-giving this year or lead to them taking on extra debt. That’s a choice no one wants to have to make,” said Matt Schulz, LendingTree’s chief consumer finance analyst.
Overall, Trump’s tariffs are expected to have a $40.6 billion impact on gift purchases, with $12 billion being shouldered by retailers and consumers picking up the rest. LendingTree estimates that the products most affected will be electronics, clothing, accessories, and home goods. It also projects that the average toy cost will increase by $14.
Despite Trump’s past rhetoric arguing that a trade war would be a quick and “easy to win” proposition, many countries have turned to other trading partners instead of contending with Trump’s trade hostility. Meanwhile, increased prices for U.S. consumers have remained.
And the American public does not like Trump’s trade policies.
Related| Kids will get fewer toys thanks to tariffs—and Trump says deal with it
An ABC News/Washington Post/Ipsos poll released Sunday revealed that 67% of respondents said that the country is moving in the wrong direction, and the issue where Trump has the worst performance is trade, with 65% disapproving of his tariffs on imported goods and only 33% approving.
Despite his bad performance and the increased economic hardship, Trump has been more focused on luxury activities, like building a new ballroom and hosting “Great Gatsby”-themed parties.
But Trump’s attitude toward increased holiday burdens was probably best revealed in April when he said that it’s no problem if the cost of dolls goes up due to his tariffs.
“Maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally,” he said at the time.
Happy holidays—if you can afford them.
