Trump's tariffs would drive up consumer prices: National Retail Federation

National Retail Federation (NRF) CEO Matthew Shay warned that shoppers could face higher prices on an array of goods if President-Elect Donald Trump's proposed tariffs on imports to the United States are implemented. 

"The adoption of across-the-board tariffs on consumer goods and other non-strategic imports amounts to a tax on American families," Shay said in a statement to FOX Business. It will drive inflation and price increases and will result in job losses." 

The NRF, the largest U.S. retail trade group, estimated in a recent study that President-elect Donald Trump's proposed new tariffs could cost American consumers between $46 billion and $78 billion in spending power annually.