(Gray News) – President-elect Donald Trump still has a few months until he takes office, but companies are already planning how to do business if Trump follows through on his promise to impose tariffs on imported goods.

Trump proposed a universal tariff of 10 to 20 percent on imports from all foreign countries and an additional tariff of 60 to 100 percent on imports specifically from China.

Retailers who rely on foreign suppliers are preparing to raise prices and pass on the cost of Trump’s proposed import tariffs to consumers.

Treasury Secretary Janet Yellen warned that the tariffs would reignite inflation because they would be paid primarily by U.S. consumers, according to CBS News. Economists on both sides of the political aisle agree with this notion.

According to CBS NewsTrump said the tariffs would encourage American companies to make products on American soil rather than buying them from foreign suppliers. However, companies have different plans.

CNN reports that Steve Madden announced Thursday that he will cut his Chinese production in half to avoid Trump’s tariffs, but he will not move his business to the United States. Steve Madden will source from other countries, including Cambodia, Vietnam, Mexico and Brazil.

CBS News reports that AutoZone CEO Philip Daniele told Wall Street analysts during an earnings conference call in September, “If we get tariffs, we’ll pass them on to the consumer.” »

“We usually raise prices in advance, we know what the rates are going to be, we usually raise prices in advance,” Daniele said.

In October, Donald Allan Jr., CEO of Stanley Black & Decker. said that his company has been considering the possibility of imposing additional import duties since the spring.

“Obviously, right off the bat, there would be price increases associated with the rates that we put into the market,” he said.

Allan added that bringing manufacturing back to the United States would not be cost-effective.

According to the National Retail FederationAmericans could lose between $46 billion and $78 billion in purchasing power on products such as clothing, toys, furniture, appliances and travel items each year due to Trump’s proposed tariffs.

THE National Retail Federation analyzed what several products could end up costing under Trump’s tariffs.

According to the analysis, a pair of $50 sneakers could cost between $59 and $64. A $15 baby pajamas could cost between $17 and $18. An $80 pair of jeans could become $10 to $16 more expensive. A $100 coat could cost $12 to $21 more. A $50 trike could cost $18-$28 more. A $200 crib could become $13 to $19 more expensive. A $650 refrigerator could cost between $126 and $202 more.

Steven Mnuchin, who served as Treasury secretary during Trump’s first term, told CNN’s Jake Tapper on Thursday that Trump would be “very careful” not to reignite inflation with tariffs.

“I think President Trump clearly understands the impact of inflation and I think he’s going to be very careful,” Mnuchin said.

According to research According to the Peterson Institute for International Economics, Trump’s tariffs could cost the average middle-income American household more than $2,600.

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