National Retail Federation Chief Economist Jack Kleinhenz joins Morning Brief to discuss how Trump's proposed tariff policies could impact consumer spending as the holiday shopping season gets underway.

"Prices are very competitive for retail purchases this holiday season," Kleinhenz told Yahoo Finance, highlighting that prices are down 1% and "the underlying state of the economy is in a good place."

However, Kleinhenz expresses concerns about the incoming Trump administration's tariff proposals. He estimates that if "across the board" tariffs were implemented, they would put significant pressure on American families and reduce consumer spending by nearly $70 billion annually.

"The concern I have is... we've been making headway on inflation and this should definitely reverse that trend," he warns Yahoo Finance.

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This post was written by Angel Smith