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Experts are advising American consumers to buy some particular everyday products earlier rather than later, as costs are predicted to increase due to the impact of Donald Trump's new tariffs, as reported by The New York Post.
Consumers in the U.S. are most likely to notice higher prices at grocery stores in the coming days, with price increases on everything from sneakers to furniture to vehicles expected within weeks of President Trump’s tariff implementation, according to economists & industry analysts speaking to The Post.
On the 2nd of April, President Trump announced new tariffs aimed at imports from several countries, with a baseline rate of 10 percent. Anyhow, some items will face even steeper tariffs, like European Union alcohol, which could incur taxes of up to 200%.
Dr. Sung Won Sohn, a respected economist & professor at Loyola Marymount University in Los Angeles, informed The Post that imported grocery items will see short-term price irise. Sohn also mentioned that other staple products that are not produced domestically in the U.S., like coffee, tea, and bananas, will also experience a quick rise.
Expected Price Grow:
Groceries: Avocados, coffee, tea, bananas
Electronics: Washers, dryers, vehicles, auto parts
Home: Furniture, building materials
Other: Clothing, apparel, toys, shoes, alcohol (up to 200% tariffs)