Trump has admitted there will be economic pain for Americans
Americans should brace for sticker shock ona wide range of goods because of PresidentTrump's recently announced tariffs, which go into effect April 5.
Tariffs starting at 10% and reaching as high as 50%, which Trump levied on April 2 against dozens of countries including China and those in the European Union, are effectively taxes on imported goods that are paid by companies and those costs are likely to be passed onto consumers.
The average consumer per household is expected to spend $3,800 more per year because of the tariffs in the short term, or a 2.3% increase on all prices,according to Yale Budget Labanalysis of all tariffs announced so far.
Prices for raw materials that go into a wealth of consumer goods are expected to rise under the tariffs, Yale said.
The five hardest hit raw materials, agricultural products or goods areleather, with an 18% price increase, followed by wearing apparel (17%), crops (13%), metals (11%) and wool and silk (11%),Yale said.
Trump and his allies argue the tariffs will revitalize American manufacturing and jobs by forcing companies to establish more production within the U.S., meaning more goods will be made in America and bought by Americans.
But Trump has acknowledged there will be economic hardship for Americans from the tariffs as part of an adjustment period.
"Will there be some pain? Yes, maybe (and maybe not!)," Trump said Feb. 2 on his Truth Social media platform.
Billionaire Mark Cuban has recommended that Americans stockpile items before price hikes from tariffs go into full force.
Its not a bad idea to go to the local Walmart or big-box retailer and buy lots of consumables now, Cuban said on social-media platform Bluesky. From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory.
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Posted: 2025-04-05 23:54:41
