How Trump’s Latest Tariffs Could Affect Your Wallet

President Donald Trump’s newly announced tariffs are expected to increase costs on a wide range of goods, from groceries and clothing to cars and home materials. Tariffs are essentially import taxes that raise the cost of foreign-made products, which often gets passed on to consumers. Economists warn the impact will be most severe for low-income families, who spend a larger share of their income on essentials. The cost of new cars could increase by thousands, and home prices could jump by over $9,000 due to higher material costs. Experts say job losses or wage stagnation could follow as businesses navigate increased costs and global uncertainty. Prices on perishable items like produce may rise first, followed by durable goods like electronics and appliances. Consumers are urged to plan ahead by stocking up wisely and considering lower-cost or secondhand alternatives. Some fear the policy could trigger long-term inflation and deepen inequality.

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Source: AP News