Trump's tariffs hike household expenses amid rising costs
It is estimated that the annual costs an average American family will incur due to the tariffs announced by US President Donald Trump will range from $4,000 (£3,150) to as much as $8,000 (£6,300), according to ABC News. The prices of certain food and household items may rise.
The new tariffs will affect American families and increase the living costs of many households, the station emphasised.
According to an analysis by the Budget Lab institute at Yale University, tariffs this year will cost a household $3,800 (£ 3.000), which represents an increase of about 2.3%.
Trump's tariffs. Here's what will become more expensive
An increase in the prices of various household goods and food products, such as bananas, is anticipated. Industry representatives point out that many products, such as cocoa, coffee, spices, and tropical fruits, are not available in the USA, which means food prices will rise. Tariffs may also affect the production process of items like nappies and lotions.
ABC News noted that infant formula is also subject to tariffs, although in the past these types of goods were exempt from additional charges.
Tariffs will also impact the cost of toys and other products intended for children, such as car seats. A group of Democratic Party politicians has called for the exclusion of children's goods, such as car seats and cribs, from tariffs.
New Trump tariffs. Here are the details
Donald Trump announced on Wednesday, during Liberation Day, "retaliatory tariffs" on the entire world: 10% on all imports and 25% on foreign cars. He then presented a list of countries and tariff rates that would apply - for the European Union, this will be 20%. The general tariffs came into effect on 5 April, while the additional tariffs for specific countries began on 9 April.
During a conference in front of the White House, the US President claimed that these would be "nice tariffs," not as high as those imposed on the USA by other countries. He assessed that, thanks to such a tariff policy, America would become wealthy again.
On Monday, the US President indicated that he is willing to negotiate, but on "tough terms" and showed a desire to maintain the tariffs. Before the opening of the New York Stock Exchange, he stated that he does not intend to abandon his policy even in the face of significant declines in the stock market.
