1. Clothing and Footwear Costs to Soar
Your wardrobe may soon cost a lot more. If Trump’s proposed tariffs take effect, clothing prices in the U.S. could jump by 10% to 25%. A $50 pair of jeans might cost $62.50, and $100 shoes could rise to $125.
2. Electronics to Get Pricier
Electronics, including smartphones and laptops, will see significant price hikes. Laptops could become 45% more expensive, with average models costing $357 more. Appliances like washing machines may also see steep increases.
3. Furniture Prices to Rise
Furnishing your home? Prepare for a 10% to 30% increase in furniture prices. Both high-end and budget-friendly options will be affected, making it harder for consumers to find affordable choices.
4. Solar Panels Under Pressure
Already burdened by tariffs, solar panels could face even higher costs. With tariffs currently at 30% and likely to remain high, solar installations will become more expensive, delaying the transition to renewable energy for many households.
5. Automobile Market Shock
Buying a car could soon break the bank. Tariffs as high as 200% on some vehicles may lead to a sharp rise in prices for both new and used cars. Even budget models won’t be spared, leaving consumers with fewer affordable options.
The Bottom Line
While Trump’s tariffs aim to boost American manufacturing, they could significantly impact household budgets. Everyday items are set to become costlier, potentially lowering household incomes by nearly $3,000 annually by 2025.