3 Ways Trump’s Tariffs Could Affect the Biggest Shopping Events This Year
Written by
Nicholas Morine
Edited by
Amber Barkley
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Tariffs have been a topic of concern dominating national — and international — headlines for months on end, and now that many have been imposed, concerns of ripple effects into inflation, trade barriers and the economy overall are weighing heavily on the minds of everyone in the United States.
From threatening to impose to following through on higher tariffs, so far, the Trump administration has implemented a 10% baseline tariff on all imported goods, though some countries face much higher levies as part of a reciprocal tariff trade policy. For example, tariffs on Chinese goods are particularly high, with a combination of pre-existing duties and new tariffs bringing the total to 55% for many products, according to the White House. Imported steel and aluminum have a 25% tariff, as do automobiles for imported cars and auto parts alike.
Throughout the year, there are big shopping events such as Black Friday, Cyber Monday or Memorial Day sales. However, with certain tariffs just going into full swing and with the summer shopping season filled with Amazon’s Prime Day, Fourth of July and others, what effects could American consumers feel as a result of Trump’s ongoing trade wars with foreign nations?
Prices on Some Items Could Soar This Summer
Jason Miller, associate professor of logistics in the Department of Supply Chain Management at Michigan State University’s Eli Broad College of Business, told USA Today that prices are expected to rise by June and July of this year due to Trump’s tariffs, just in time for Amazon’s Prime Day.
Miller suggested that prices on clothing, footwear, toys and games and small electrical appliances would be most notably susceptible to retail price increases. These are all significant categories for not just Amazon, but also competitors such as Target, Walmart and others. Shoes and toys could be particularly hard-hit, observing double-digit price increases in short order.
This notion is reinforced by Trump himself as he supported his authority to impose tariffs and asked for understanding on behalf of commerce departments and shoppers alike. “Maybe the children will have two dolls instead of 30 dolls,” Trump said. “Maybe the two dolls will cost a couple of bucks more than they would normally.”
Walmart Summer Deals Event Could Also Be Under Pressure
As GoBrandWoven reported, Walmart has consistently been competing with Amazon’s Prime Day event by launching its own tentpole sales event a week or so prior each year. This year, however, could be a bit different, particularly as Walmart is warning of broad-based price hikes in response to Trump’s tariffs.
During a recent earnings call, Walmart CEO Doug McMillon indicated that the company would have to raise prices in response to Trump’s tariffs, regardless of the temporary lowering of rates.
“We will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon said.
The president responded to McMillon’s comments via a Truth Social post, wherein he pointed to the blue-and-yellow brand’s significant profits and suggested that Walmart should “eat the tariffs” and maintain current price levels.
Trump’s Treasury Secretary, Scott Bessent, suggested that Walmart would do so — at least to some degree.
“I was on the phone with Doug McMillon, the CEO of Walmart, yesterday. And Walmart is, in fact, going to, as you describe it, eat some of the tariffs, just as they did in ’18, ’19 and ’20,” Bessent said to NBC’s “Meet the Press” correspondent Kristen Welker following Trump’s post.
It remains difficult to ascertain exactly how Walmart might handle the situation.
Inflation Is Down, but That Could Change
While USA Today noted that inflation has cooled as of late, economists are warning of broad-based price hikes leading into the summer of 2025 — and perhaps beyond, potentially biting into Black Friday’s sales later this year.
The outlet quoted PNC chief economist Gus Faucher as stating that tariffs are likely to push inflation back into gear sooner rather than later.
“Even with the recent agreement between the Trump administration and China to reduce the most onerous import taxes, tariffs against all U.S. trading partners are much higher than they were at the beginning of 2025,” Faucher said.
A second economist echoed the sentiment.
Diane Swonk, KPMG’s chief economist, said, “This could be the last benign inflation report for a while,” referencing the past period of cooling inflation. KPMG’s report also warned of the dangers associated with a bout of stagflation set to dog the U.S. economy and that uncertainty prevailed concerning several macroeconomic conditions.
Caitlyn Moorhead contributed to the reporting for this article.
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