Electronics, clothes and coffee: What you're still set to pay more for under Trump's tariffs
Some of the stiffest new tariffs are on hold, but experts say shoppers’ bills for White House trade policies are coming due soon.
Some of the stiffest new tariffs are on hold, but experts say shoppers’ bills for White House trade policies are coming due soon.
President Donald Trump’s surprise 90-day suspension Wednesday of much of his April 2 tariff announcement doesn’t change the likelihood that consumers will pay more for many goods and services in the months ahead, economists warn.
All the tariffs he has announced this year would dent households’ purchasing power by an average $4,400 annually, the Yale University Budget Lab forecast Thursday. While inflation dipped more than expected in March, analysts say it’s likely just a temporary reprieve.
“That was nice, but don’t get used to it,” Greg McBride, Bankrate chief financial analyst, said in a statement Thursday.
The president’s rapidly shifting trade war has created enormous uncertainty for businesses around the world, threatening price stability, and his steep new import taxes are merely delayed, not called off. A 10% across-the-board duty that went into effect this week remains in place, as well as a massive 145% tariff on Chinese imports.
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