President Donald Trump’s sweeping tariff plans are sending shockwaves through the global markets.
The President highlighting his sweeping new tariffs during remarks
At the National Republican Congressional Committee dinner tonight
We have the latest now as Trump says he is imposing a 104 percent tariff on Chinese imports set to take effect shortly after midnight.
Here’s Karin Caifa with a look at what tariffs could mean for everyday consumers
Maybe you’re not in the market for a new car right now.
Or you think you can hold on to your phone for another year or two.
But President Trump’s tariffs could start to elevate prices in places you can’t avoid.
Some experts say the first place where consumers could feel President Trump’s sweeping tariffs could be the grocery store.
“Have a look at the, where each of the grocery items you’re buying came from, where did the Avocados come from, where did the Vegetables come from, where did your Pasta come from? And a lot of it came from abroad.”
Especially the produce aisle
Because fresh fruits and vegetables have high turnover. And many household favorites require some supply from abroad.
Like Bananas from Costa Rica and Guatemala and Grapes from Chile
Also with a short shelf life Seafood.
About 80 percent of Seafood in the U.S. comes from countries like Canada, Chile, India, Indonesia, and Vietnam. According to the U.S. Department Of Agriculture.
Look to Coffee prices perking up.
The National Coffee Association says more than 99 percent of us coffee is imported.
The Consumer Technology Association estimates current retail inventories of items like laptops and tablets will last about three to 4 months.
It predicts higher prices could arrive by late Summer in time for back to school season.
The Toy Association says it’s a similar timeline for toys which they say the U.S. imported by the billions from China and Vietnam last year.
That underscores why economists are concerned about how broad tariffs could crimp consumer spending, businesses, and the us economy.
“It’s a massive tax increase on American Consumers, particularly lower middle income households, and it crushes businesses, uh, that, you know, sell to those consumers, but also, also buy a lot of imported product to produce whatever they’re producing.”
“Even products produced here in the U.S. could see a price hike because of the tariffs because producers will have to cover the cost of raw materials.”
That’s one thing some American Farmers are concerned about right now facing higher costs on things like fertilizer, equipment and other supplies.
In Washington, I’m Karin Caifa.