Experts have warned American shoppers to purchase certain everyday items sooner rather than later, as prices are expected to rise due to the impact of Donald Trump’s new tariffs, according to The New York Post.
Americans will likely have to pay more at the supermarket counter within the coming days, while higher prices on everything from sneakers to furniture to cars could be felt in a matter of weeks following President Trump’s tariffs rollout, economists and industry experts told The Post.
On April 2, President Trump announced new tariffs targeting imports from countries around the world, with a base rate of 10 per cent. However, some products will face even higher tariffs, including alcohol from the European Union, which could be taxed as much as 200 per cent.
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Dr Sung Won Sohn, a distinguished economist and academic at Loyola Marymount University in Los Angeles, told The Post that grocery items that are imported will be more expensive in the short term.
“We import 80% of avocados that we consume in America, and those are perishable items, so they will be more expensive immediately,” Sohn told The Post.
Sohn said that other staple items that the US doesn’t produce domestically, such as coffee, tea and bananas, will also become more expensive rather quickly.
Expected Price Hikes:
- Groceries: Avocados, coffee, tea, bananas
- Electronics: Washers, dryers, cars, auto parts
- Home: Furniture, housing materials
- Other: Clothing, apparel, toys, shoes, alcohol (up to 200% tariff)
Trump also slapped a 25% tariff on all imported vehicles that began Thursday. A 25% levy on auto parts begins May 3.
It could take weeks or months for the tariffs on foreign-made cars to be passed along since there is already an existing inventory that has yet to be emptied out, Sohn said.
Countries like Vietnam and South Africa are also significantly impacted, with tariffs of 46 per cent and 30 per cent, respectively. Trump has justified these measures as part of his “Make America Wealthy Again” initiative, aiming to reduce the country’s reliance on imports. However, the changes are expected to cause significant price hikes on many everyday goods, leaving consumers to brace for rising costs.
