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The growing tariff bill paid by U.S. businesses and consumers is adding up and will raise the cost of living for American families.

Americans are expected to spend more than ever on gifts for Father’s Day this year, according to the National Retail Federation’s annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday is estimated to reach $16 billion, up from last year’s $15.3 billion.

The National Retail Federation issued a statement from President and CEO Matthew Shay after the Trump administration announced plans to lift steel and aluminum tariffs on Canada and Mexico. 

Retail sales were down 0.2 percent in April from March but up 5.2 percent year-over-year as weather conditions, slower tax returns and the housing market affected spending.

NRF says the Trump administration's plan to expand tariffs to cover all products imported from China "is far too great a gamble" for the U.S. economy and will drive up costs for consumers while threatening American jobs.

With retail sales rising and President Trump planning to increase and broaden tariffs on goods from China, imports at the nation’s major retail container ports are expected to see unusually high levels the remainder of this spring and through the summer, according to NRF's Global Port Tracker report.

The National Retail Federation issued a following statement from Senior Vice President for Government Relations David French in response to the President’s threat to raise tariffs on $200 billion of Chinese foods from 10 to 25 percent.

Mother’s Day spending hits record high at $25 billion in 2019, up from $23.1 billion in 2018.

Retail sales were up one percent in March seasonally adjusted from February and up 0.8 percent unadjusted year-over-year and exclude automobile dealers, gasoline stations and restaurants.

Retail imports are expected to total 1.75 million containers in April, up 6.9 percent from 2018 as merchants stock up for the busy summer season.