Tariffs on the rise: Experts warn of sharp price hikes—here’s what you can do
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The economic landscape is shifting beneath our feet, and for those who've weathered financial storms before, the latest news on tariffs might feel like déjà vu.
But this isn't just a replay of past economic challenges—it's a new scenario that could hit the pocketbooks of Americans hard.
With a wave of new tariffs taking effect, experts are sounding the alarm about potential steep price hikes on a wide range of everyday items. From the clothes on our backs to the cars in our driveways, the impact could be significant.
Americans are set to face substantial price hikes on a wide range of everyday goods due to sweeping tariffs imposed by President Trump.
Items such as clothing, footwear, electronics, and vehicles will be affected, along with food, alcohol, and other essential products.
Trump's tariff actions have sparked trade disputes with nearly all of America's trading partners. Several new taxes on foreign goods have already been implemented, with more taking effect on Wednesday.
Current tariffs include a 10 percent universal levy, additional tariffs for 60 countries, and earlier duties on China, Mexico, and Canada.
At midnight Wednesday, Trump imposed a massive 104 percent tariff on China, prompting China to retaliate with an 84 percent tariff on US goods, escalating the global trade conflict.
The impact on consumers is expected to be severe. The Yale Budget Lab estimates that the average American household will pay an additional $3,800 annually due to these tariffs.
Given the complexity and extent of these tariffs, it’s still unclear exactly how much prices will rise for certain items. However, experts predict some goods could see price increases in the hundreds or even thousands of dollars.
While the outlook is uncertain, experts advise Americans to stay calm and plan ahead for the months to come.
"For those already planning significant purchases, like a car or electronics, it makes sense to buy sooner if they can afford it," said Neil Saunders, managing director of GlobalData, in an interview with DailyMail.com. "The potential price increases could be steep, so buying early presents an attractive saving opportunity."
Clothing and Shoes
Around 97 percent of the clothing and footwear sold in the U.S. is imported, with many of these products coming from Asia, a region heavily affected by Trump’s tariffs.
Trump has imposed a substantial 104 percent tariff on all Chinese goods, and set import tax rates for Vietnam and neighboring Cambodia at 46 percent and 49 percent, respectively, according to AP News.
"If these tariffs are allowed to persist, eventually the cost will be passed on to the consumer," said Steve Lamar, president and CEO of the American Apparel & Footwear Association.
Footwear, especially sneakers, is expected to see notable price increases.
For example, work boots from China currently priced at $77 could jump to at least $115, and running shoes made in Vietnam could rise from $155 to $220, as reported by the Footwear Distributors and Retailers of America.
Nike manufactures half of its shoes in Vietnam, while Adidas sources 39 percent of its footwear from the country, according to the Financial Times.
Matt Priest, president of the Footwear Distributors and Retailers of America, predicted that lower-income families and their preferred stores would feel the impact most.
"A pair of children's shoes made in China that costs $26 today could cost at least $41 by back-to-school shopping season," he said, based on his group's projections.
Americans may also face higher prices for items like Ray-Ban sunglasses, a favorite of former President Joe Biden.
While most Ray-Bans are made in Italy's Dolomites region under EssilorLuxottica SA, Trump imposed a 20 percent reciprocal tariff on the European Union starting April 9.
As a result, a pair of $150 sunglasses valued at $70 upon entry to the US would carry an extra $14 charge.
For everyday items, Saunders suggests consumers consider exploring options less affected by tariffs, such as secondhand or off-price goods.
However, he ultimately noted, "If tariffs remain at current levels, there will be no escaping them, and Americans will likely have to accept paying more for certain items."
Here are the key areas to monitor:
iPhones
Experts are warning that the price of an iPhone could exceed $2,000 due to the sweeping tariffs.
The base iPhone 16 model was launched in the US with a starting price of $799.
However, projections from analysts at Rosenblatt Securities suggest it could increase by 43 percent, bringing the cost to as much as $1,142, assuming Apple can pass these increases on to consumers.
For the higher-end iPhone 16 Pro Max, currently priced at $1,599, a similar increase could push the price to nearly $2,300, as reported by Reuters.
Other tech products, such as the popular health tracking Oura Ring, could also see price hikes because of Trump's tariffs on European goods, according to Bloomberg.
The Oura Ring, owned by Finnish tech firm Oura Health Oy, would be impacted by the 20 percent levies on the EU, which includes Finland.
Cars
Cars will also become more expensive due to tariffs affecting a significant portion of trade, totaling a quarter of a trillion dollars.
The average price of a new car already reached $49,500 in the first quarter of this year, according to CarGurus. That price could rise by over $3,300 to around $52,800, based on analysis reported by Fortune.
For luxury models, prices could soar by up to $13,000. Experts also warn that Americans will face higher costs not only when purchasing a car but also when it comes to repairs.
Since auto parts are affected by the tariffs, common repairs like bumper replacements, oil changes, and engine fixes will become more expensive.
Homes
Homebuilders estimate that the average home could cost $9,200 more due to the universal tariffs, according to the March 2025 National Association of Home Builders (NAHB)/Housing Market Index.
This price increase is largely due to the high reliance on imported materials for construction, such as softwood lumber from Canada.
Other home-related items, like appliances including dishwashers and washing machines, are also expected to see price hikes.
Food and Drink
Nestlé’s popular Nespresso coffee capsules are among the products expected to be heavily affected by the tariffs.
Each year, over 14 billion of these pods are sold worldwide, and they are exclusively produced in Switzerland before being shipped around the globe.
Swiss imports to the US will face a 31 percent tariff, one of the highest levies placed on European goods.
For instance, a “coffee discovery pack” containing 60 pods is priced at $81.50 on the company’s website. If the pack's value upon arrival in the US is approximately $40.75, the 31 percent tariff would add over $12 to its price.
Other everyday grocery items, including fruits and vegetables, meat, potatoes, and grains, are also expected to see price hikes.
The USDA reports that about two-thirds of US vegetable imports and half of its fruit and nut imports come from Mexico. This includes nearly 90 percent of the country’s avocados, 35 percent of its orange juice, and 20 percent of its strawberries.
Additionally, alcohol prices, including Mexican beer and tequila, as well as Canadian whisky, are also likely to increase.
Read next: Prices on these 11 groceries are rising—see if you’re overpaying because of new tariffs!
Have you started to feel the pinch of tariffs on your budget? What strategies are you using to manage the impact? Share your tips and experiences with the GrayVine community in the comments below!
But this isn't just a replay of past economic challenges—it's a new scenario that could hit the pocketbooks of Americans hard.
With a wave of new tariffs taking effect, experts are sounding the alarm about potential steep price hikes on a wide range of everyday items. From the clothes on our backs to the cars in our driveways, the impact could be significant.
Americans are set to face substantial price hikes on a wide range of everyday goods due to sweeping tariffs imposed by President Trump.
Items such as clothing, footwear, electronics, and vehicles will be affected, along with food, alcohol, and other essential products.
Trump's tariff actions have sparked trade disputes with nearly all of America's trading partners. Several new taxes on foreign goods have already been implemented, with more taking effect on Wednesday.
Current tariffs include a 10 percent universal levy, additional tariffs for 60 countries, and earlier duties on China, Mexico, and Canada.
Significant price increases are expected across a range of everyday items in the US due to sweeping tariffs imposed by President Trump. Image source: BBC News / Youtube.
At midnight Wednesday, Trump imposed a massive 104 percent tariff on China, prompting China to retaliate with an 84 percent tariff on US goods, escalating the global trade conflict.
The impact on consumers is expected to be severe. The Yale Budget Lab estimates that the average American household will pay an additional $3,800 annually due to these tariffs.
Given the complexity and extent of these tariffs, it’s still unclear exactly how much prices will rise for certain items. However, experts predict some goods could see price increases in the hundreds or even thousands of dollars.
While the outlook is uncertain, experts advise Americans to stay calm and plan ahead for the months to come.
"For those already planning significant purchases, like a car or electronics, it makes sense to buy sooner if they can afford it," said Neil Saunders, managing director of GlobalData, in an interview with DailyMail.com. "The potential price increases could be steep, so buying early presents an attractive saving opportunity."
Source: The Daily Mail.
Clothing and Shoes
Around 97 percent of the clothing and footwear sold in the U.S. is imported, with many of these products coming from Asia, a region heavily affected by Trump’s tariffs.
Trump has imposed a substantial 104 percent tariff on all Chinese goods, and set import tax rates for Vietnam and neighboring Cambodia at 46 percent and 49 percent, respectively, according to AP News.
"If these tariffs are allowed to persist, eventually the cost will be passed on to the consumer," said Steve Lamar, president and CEO of the American Apparel & Footwear Association.
Footwear, especially sneakers, is expected to see notable price increases.
For example, work boots from China currently priced at $77 could jump to at least $115, and running shoes made in Vietnam could rise from $155 to $220, as reported by the Footwear Distributors and Retailers of America.
Nike manufactures half of its shoes in Vietnam, while Adidas sources 39 percent of its footwear from the country, according to the Financial Times.
Matt Priest, president of the Footwear Distributors and Retailers of America, predicted that lower-income families and their preferred stores would feel the impact most.
"A pair of children's shoes made in China that costs $26 today could cost at least $41 by back-to-school shopping season," he said, based on his group's projections.
Americans may also face higher prices for items like Ray-Ban sunglasses, a favorite of former President Joe Biden.
While most Ray-Bans are made in Italy's Dolomites region under EssilorLuxottica SA, Trump imposed a 20 percent reciprocal tariff on the European Union starting April 9.
As a result, a pair of $150 sunglasses valued at $70 upon entry to the US would carry an extra $14 charge.
For everyday items, Saunders suggests consumers consider exploring options less affected by tariffs, such as secondhand or off-price goods.
However, he ultimately noted, "If tariffs remain at current levels, there will be no escaping them, and Americans will likely have to accept paying more for certain items."
Here are the key areas to monitor:
iPhones
Experts are warning that the price of an iPhone could exceed $2,000 due to the sweeping tariffs.
The base iPhone 16 model was launched in the US with a starting price of $799.
However, projections from analysts at Rosenblatt Securities suggest it could increase by 43 percent, bringing the cost to as much as $1,142, assuming Apple can pass these increases on to consumers.
For the higher-end iPhone 16 Pro Max, currently priced at $1,599, a similar increase could push the price to nearly $2,300, as reported by Reuters.
Other tech products, such as the popular health tracking Oura Ring, could also see price hikes because of Trump's tariffs on European goods, according to Bloomberg.
The Oura Ring, owned by Finnish tech firm Oura Health Oy, would be impacted by the 20 percent levies on the EU, which includes Finland.
Cars
Cars will also become more expensive due to tariffs affecting a significant portion of trade, totaling a quarter of a trillion dollars.
The average price of a new car already reached $49,500 in the first quarter of this year, according to CarGurus. That price could rise by over $3,300 to around $52,800, based on analysis reported by Fortune.
For luxury models, prices could soar by up to $13,000. Experts also warn that Americans will face higher costs not only when purchasing a car but also when it comes to repairs.
Since auto parts are affected by the tariffs, common repairs like bumper replacements, oil changes, and engine fixes will become more expensive.
Homes
Homebuilders estimate that the average home could cost $9,200 more due to the universal tariffs, according to the March 2025 National Association of Home Builders (NAHB)/Housing Market Index.
This price increase is largely due to the high reliance on imported materials for construction, such as softwood lumber from Canada.
Other home-related items, like appliances including dishwashers and washing machines, are also expected to see price hikes.
Food and Drink
Nestlé’s popular Nespresso coffee capsules are among the products expected to be heavily affected by the tariffs.
Each year, over 14 billion of these pods are sold worldwide, and they are exclusively produced in Switzerland before being shipped around the globe.
Swiss imports to the US will face a 31 percent tariff, one of the highest levies placed on European goods.
For instance, a “coffee discovery pack” containing 60 pods is priced at $81.50 on the company’s website. If the pack's value upon arrival in the US is approximately $40.75, the 31 percent tariff would add over $12 to its price.
Other everyday grocery items, including fruits and vegetables, meat, potatoes, and grains, are also expected to see price hikes.
The USDA reports that about two-thirds of US vegetable imports and half of its fruit and nut imports come from Mexico. This includes nearly 90 percent of the country’s avocados, 35 percent of its orange juice, and 20 percent of its strawberries.
Additionally, alcohol prices, including Mexican beer and tequila, as well as Canadian whisky, are also likely to increase.
Read next: Prices on these 11 groceries are rising—see if you’re overpaying because of new tariffs!
Have you started to feel the pinch of tariffs on your budget? What strategies are you using to manage the impact? Share your tips and experiences with the GrayVine community in the comments below!
