The National Retail Federation (NRF), the US’ retail trade association, has said that it will welcome president Donald Trump’s review of tariffs but warns of consequences in relation to possible cost increases for consumers.

Its comments come after Trump directed federal agencies to examine US trade policies on January 20, 2025, with a goal to identify and address trade deficits and unfair practices, among other things.

The NRF approved the decision to conduct a thorough review prior to enacting new tariffs, particularly with Trump previously expressing an intention to raise universal tariffs to up to 20 percent on all US imports.

In a statement, David French, NRF’s executive vice president of government relations, had underlined the importance of ensuring trade relationships remained fair, advocating for a strategic and limited application of tariffs with American consumers in mind.

The organisation also raised concerns about the potential economic impact from such tariffs, with a study by the NRF suggesting that American consumers could lose between 46 and 78 billion dollars in spending power annually if additional tariffs come into play.

The federation did state that it was to collaborate with the Trump administration “to achieve policy outcomes that strengthen the US economy, extend tax reforms and protect American families from inflation”.