American families brace for rising costs under new tariffs
It is estimated that the annual costs for an average American family due to the tariffs announced by U.S. President Donald Trump will range from $4,000 (6000 CAD) to $8,000 (11,000 CAD), according to a report by ABC News. Prices of certain food and household items may increase.
The new tariffs will impact American families and increase the living costs of many households, the network emphasized.
According to an analysis by the Budget Lab Institute at Yale University, tariffs this year will cost households 3,800 dollars (5,400 CAD), which constitutes an increase of approximately 2.3%.
Trump's tariffs: here's what will get more expensive
An increase in the prices of various household items and food products, such as bananas, is forecasted. Industry representatives note that many products, such as cocoa, coffee, spices, and tropical fruits, are unavailable in the USA, and therefore food prices will rise. Tariffs may also affect the production process of items like diapers and lotions.
ABC News noted that infant formula is also covered by tariffs, even though these types of goods were previously exempt from additional charges.
Tariffs will also affect the cost of toys and other products intended for children, such as car seats. A group of Democratic Party politicians has called for children's goods, such as car seats and cribs, to be exempt from tariffs.
New Trump tariffs: here are the details
Donald Trump announced on Wednesday, during Emancipation Day, "retaliatory tariffs" on imports worldwide: 10% on all imports and 25% on foreign cars. He then presented a list of countries and the tariff rates that will apply to them - for the European Union, it will be 20%. The general tariffs came into effect on April 5th, while additional tariffs for specific countries came into effect on April 9th.
During a conference in front of the White House, the U.S. President argued that these would be "friendly tariffs," not as high as those imposed on the USA by other countries. He stated that, thanks to such tariff policies, America will become wealthy again.
The U.S. President noted on Monday that he is willing to negotiate but on "tough terms" and indicated a willingness to maintain the tariffs. Before the New York Stock Exchange opened, he declared that he does not intend to abandon his policy even in the face of sharp declines in the stock market.
