New York, Nov 30 (IANS): Many US businesses are urging customers to buy now before President-elect Donald Trump's proposed tariffs potentially raise costs and prices, local media reported

Throughout his campaign, Trump promised to impose tariffs of 60 per cent on all Chinese goods and across-the-board tariffs of 10 per cent to 20 per cent on goods from other countries. On Monday, he laid out plans to levy tariffs of 25 per cent on imports from Mexico and Canada, and an additional 10 per cent on goods coming from China, reported Xinhua news agency, citing The Wall Street Journal (WSJ) on Friday.

"It is unclear what tariffs will be levied and how much they will affect prices," said the report. "Companies are pouncing at a moment when fear and uncertainty are on the rise and consumer spending is showing signs of weakness."

Most large corporations have yet to incorporate warnings about possible tariffs into their marketing campaigns, and they might not explicitly do so at all. But several have pointed out that they might need to pass on higher costs, said the report.

"Tariffs have the potential to cost shoppers up to $78 billion in annual spending power, according to a recent study from the National Retail Federation. Small-business owners said they fear that higher prices will cause shoppers to pull back on how much they spend and be more selective with what types of products they purchase," it added.