As Donald Trump yet again ramps up international trade war tensions, analysis by the Tax Policy Center projects that US consumers could soon be paying “extraordinarily high” tariffs on staple goods.

The President has set an August 1 deadline for countries to make trade deals with the US or else face the higher tariff rates he first unveiled back in early April that caused the stock market to abruptly crater.

Should Trump follow through with his vow to reinstate the tariffs on the countries that have not yet reached agreements, writes the TPC Policy Center, it would mean tariffs “ranging from as high as 48 per cent on women’s clothing, 40 per cent on books, and even 22 per cent on baked goods, according to our estimates”.

What’s worse, the TPC adds that these are merely the average tariffs that goods imported from all nations will face. Individual products could get hit with even bigger tariffs, depending on their country of origin.

“The top tariff on men’s and women’s clothing will exceed 77 per cent,” they write. “Tariffs on purses could be as high as 90 per cent, and tariffs on baked goods could reach 85 per cent. Tariffs on beer will be as high as 79 per cent.”

The TPC’s analysis adds that consumers likely won’t feel the impact of the tariffs right away, since retailers have been stocking up on goods as a way to get ahead of the tariffs.

However, this strategy can only work for so long, since retailers will eventually have to restock their wares and will then be forced to pass some of costs from the tariff onto their customers.

“As a likely result, consumer prices will rise, employment and incomes in downstream industries will fall and profits will shrink,” the Tax Policy Center warns.

“The value of retirement plans that hold stocks in these industries will also likely drop… Eventually… it is very likely that these historically high tariffs will damage the economy.”

Economist Dean Baker wrote earlier this week that the total impact of the tariffs on American consumers could amount to an average tax of $16,000 per household over the span of a decade, which he said would actually be an estimate on the lower end of the spectrum.

This article was originally published on Common Dreams. Read the original article here.