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Inflation could rise even higher if Trump makes good on his threat to impose tariffs on Mexico, Canada, and the EU, which could hurt retailers like Levi Strauss that have supplier facilities around the globe. Consumer sentiment is falling. Confidence hit a seven-month low in early February, as shoppers across the political spectrum brace for higher prices, per the University of Michigan.

Our take: The incoming Trump administration’s mandate to raise tariffs on China, Mexico, and Canada has already resulted in China banning rare mineral imports to the US, putting companies like Nvidia on the defensive. This article is part of Ä¢¹½AV’s client-only subscription Briefings—daily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends.

Dig deeper: To learn more about how tariffs will roil the retail landscape, read our Retail & Ecommerce Briefing’s analysts’ take.