Trump's tariffs take effect today. When and how they will affect you
Summary
New tariffs introduced by President Trump have taken effect, raising taxes on goods from many countries. These tariffs are expected to lead to price increases on several consumer goods, impacting costs for American families and businesses. Companies and economists are monitoring how these higher tariffs might affect the economy and consumer prices.Key Facts
- President Trump's tariffs, some as high as 50%, started early Thursday.
- These tariffs are part of an ongoing trade war that could lead to higher prices on items like furniture and clothing.
- The Yale Budget Lab estimates these tariffs could cost the average family around $2,400 in 2025.
- Economists and businesses are unsure of the full economic impact, but signs of inflation related to tariffs are beginning to appear.
- A survey showed 77% of U.S. companies might raise their prices by at least 5% due to tariffs.
- Brands such as Adidas, Procter & Gamble, and Walmart could increase their prices in response to rising costs.
- Coffee from Brazil and products from Switzerland may become more expensive due to new tariffs.
- Some companies stocked up on goods before tariffs hit, which may temporarily shield consumers from immediate price hikes.
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