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It's still early, but this retailer is running scenarios of how President-elect Trump's potential tariffs could impact business.

Major American retailers Walmart ( WMT) and Lowe’s ( LOW) raised concerns that President-elect Donald Trump’s proposed tariffs would make their products more expensive, just as consumers are beginning to recover from the impacts of inflation.

Tariffs could raise prices on clothing, toys, furniture, appliances, footwear, and travel goods, per the National Retail Federation.

Corporate executives were taking a wait-and-see approach to President-elect Donald Trump’s vow to impose heavy tariffs on imports when he takes office in January, but many have raised concerns about the effect such levies will have on inflation.