Donald Trump just rolled out a bunch of new tariffs, and yeah, that means prices on everyday stuff could go up.
An expert broke it down and pointed out which things might hit your wallet the hardest now that these new import taxes are kicking in.
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On Wednesday, April 2, Trump made a big announcement
New tariffs on, well… pretty much everyone. Almost every country got hit with a 10% starting rate.
Trump says it’s all part of the plan to “Make America Wealthy Again.” Since the US brings in a ton of stuff from other countries, he’s hoping this move changes the game.
An economist recommends buying certain products before prices go up
With all these tariff issues going on, Dr. Sung Won Sohn, an economist who teaches at Loyola Marymount in L.A., is basically saying not to wait on stocking up before prices start increasing.
Avocados will be more expensive
According to Sohn, avocado prices are going to soar fast. He told The New York Post, “We import 80% of avocados that we consume in America and those are perishable items, so they will be more expensive immediately.”
Tea, coffee, and bananas will also go up quickly
And it’s not just avocados. Sohn also mentioned that stuff like tea, coffee, and bananas are probably going to get pricier pretty fast too.
Washers and dryers from Korea might also go up
He also pointed out that washers and dryers from Korea could get more expensive. Apparently, they’re lumped in with cars and car parts, so the new tariffs might hit those too.
Trump also slapped a 25 percent tariff on imported vehicles
Oh, and if you’re eyeing a new car, heads up—Trump just hit all imported vehicles with a 25% tariff, and it started yesterday.
Prices may not rise immediately due to inventory
But here’s the thing—prices might not shoot up right away. Apparently, the US still has a bunch of inventory left to sell off.
Sohn explained, “They have inventory, so as a result prices don’t have to go up right away.”
You may not get the same discounts at dealerships
When it comes to cars, don’t expect those same sweet discounts from dealerships anymore. Thanks to the tariffs, they might not be as willing to offer those deals like they did before.
The US imported $9.4 billion worth of furniture from China
In 2023, the US brought in a crazy $9.4 billion worth of furniture from China, according to CNBC.
Now China is facing a 54 percent tariff rate
China’s getting hit pretty hard by these tariffs. They’re looking at a massive 54% tariff rate.
Trump already hit China with a 20 percent hike
And it doesn’t stop there—he’s also slapping China with a 34% “reciprocal” tariff as part of his Liberation Day deal, which is set to kick in on April 9.
