Trade War? 15 Things That Will Cost You More Under Trump’s Tariffs

TeodorLazarev / Shutterstock.com

President Donald Trump’s tariffs could tax your wallet even as they attempt to spur U.S. job growth.

Trump’s tariffs of 25 percent on steel imports and 10 percent on aluminum tariffs, designed to reduce what he called the country’s “$800 billion trade deficit with the world,” went into effect in March. Canada, Mexico and the European Union are exempt — for now. Negotiations may lead to permanent exemptions for America’s closest allies.

“When costs of raw materials like steel and aluminum are artificially driven up, all Americans ultimately foot the bill in the form of higher prices,” warns Matthew Shay, president and CEO of the National Retail Federation.

“Prices are spiking, there’s no doubt about that,” Warren Buffett said this week at the annual shareholders meeting of Berkshire Hathaway, whose subsidiaries include steel users Precision Steel and MiTek.

In January, Trump announced tariffs on washing machines and solar panels.

Proposed are additional tariffs on 1,300 products — around $60 billion worth — imported from China. Trump says he wants to reduce the U.S. trade deficit with China, the difference between U.S. exports to and imports from that nation, which hit an all-time high of $375.2 billion in 2017. The proposal isn’t final, and Trump is considering tariffs on an additional $100 million worth of goods made in China.

If all the tariffs stick, you could pay more for everything from candy and canned goods to cake pans and cars, analysts say. It depends on how much of the tariffs’ cost manufacturers will pass along as price hikes for imported goods you buy. Also, domestic manufacturers may find room to raise prices once imports are more expensive or because they use imported parts even in products they label “Made in USA.”

Here’s a look at the 15 most likely tariff-driven price hikes to expect.

Popular Articles

18 Things Your Grandchildren Will Never Understand
18 Things Your Grandchildren Will Never Understand

How many of these once-familiar toys, tools and implements of a bygone era do you still have at your house?

11 Free Ways to Research Your Family History
11 Free Ways to Research Your Family History

Forget subscription-based genealogy sites. Use these free databases, instead. They are a treasure trove for family history researchers.

8 Things You Should Never Put in the Microwave
8 Things You Should Never Put in the Microwave

A microwave oven can be a busy cook’s best friend. But trying to heat these things inside a microwave can cause disaster.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments