Some Trump Tariffs Go Into Effect Today: Expect to Pay More for These 10 Items
President Donald Trump’s tariffs will lead to price hikes on everyday products.
Tariffs are import taxes on goods from other countries. Companies that bring foreign goods into the country pay the tax to the government, and often pass on the cost of the tariff to the consumer.
Since the start of his term, Trump has implemented tariffs on several of the United State’s major trade partners. And while Americans may not feel tariffs’ effects as tariffs kick in, these import taxes are expected to raise the prices of just about everything.
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What Tariffs Are In Place?
Currently, there is a 25% tariff on imports from Canada and Mexico that started April 2, a day Trump has called “Liberation Day.” He is expected to make more tariff announcements April 2 as well. A 25% tariff also went into effect April 2 for imported passenger vehicles, light trucks and some auto parts. A 20% tariff on goods from China and a 10% tariff on some Canadian energy imports went into effect March 5. Trump has also implemented 25% tariffs on steel and aluminum. Here are some items that are expected to get more expensive under Trump’s tariffs:
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1. Fresh Produce
A significant portion of the fresh fruits and vegetables consumed in the U.S. are imported from Mexico and Canada. Mexico is the largest supplier of fruits and veggies to the U.S. For example, about 90% of avocados come from Mexico. Meanwhile, Canada exports poultry, livestock and meats, grain and more.
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2. Cars and Car Parts
The 25% tariff on cars and car parts will lead to increased costs for both car manufacturers and consumers, resulting in higher prices for new vehicles and replacement parts.
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3. Electronics
China is a major producer of electronics, including smartphones, laptops and televisions.
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4. Home Appliances
Appliances such as refrigerators, washing machines and microwaves are often manufactured in China and Mexico.
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5. Gas
The 10% tariff on some Canadian energy imports, including oil, will lead to higher gasoline prices at the pump.
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6. Alcoholic Beverages
Imports of spirits and wines from Canada and Mexico are subject to the new tariffs, leading to higher prices for popular alcoholic beverages.
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7. Clothing and Footwear
Many apparel and footwear items are manufactured in China. The 20% tariff has resulted in increased prices for these products, impacting consumers shopping for clothing and shoes.
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8. Processed Foods
Processed food items, such as canned goods and snacks, often rely on ingredients imported from Canada and Mexico. For instance, Mondelez International, a Chicago-based snack company, has a factory in Mexico that makes Oreos, Chips Ahoy! cookies and Ritz Crackers.
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9. Furniture
A significant amount of furniture sold in the U.S. is imported from China.
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10. Toys
China is a leading manufacturer of toys. The tariffs will lead to higher prices on various children’s toys, affecting parents and retailers alike.
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A Trade War Rages On
Canada has retaliated by taking American liquor off the shelves. It’s also implemented its own 25% counter-tariffs on a total of more than $50 billion in American goods. Responding to the steel tariffs, the European Union announced its own tariffs on the U.S., targeting a range of goods totaling $28 billion, from beef to motorcycles to whiskey as well as American-made steel and aluminum. China, South Korea and Japan have said they will jointly respond to US tariffs.
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