Trump's tariffs hit wallets: Americans face rising costs
It is estimated that the annual costs incurred by an average American family due to the tariffs announced by US President Donald Trump will range between $4,000 (£3,000) and $8,000 (£6,000), according to ABC News. Prices for certain products, including some food and household items, could increase.
The new tariffs will impact American families and raise living costs for many households, the broadcaster emphasised.
According to an analysis by the Budget Lab institute at Yale University, this year's tariffs will cost a household $3,800 (£3,000), marking an increase of about 2.3%.
Trump's tariffs: here's what will become more expensive
A rise in prices for various household items and food products, such as bananas, is predicted. Industry representatives point out that many products, such as cocoa, coffee, spices, and tropical fruits, are not grown in the USA, leading to a rise in food prices. Tariffs may also affect the production processes of items like nappies and lotions.
ABC News noted that infant milk is also subject to tariffs, although this type of product was previously exempt from additional charges.
Tariffs will also increase 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, including seats and cots, from the tariffs.
Trump's new tariffs: here are the details
On Wednesday, during Liberation Day, Donald Trump announced "retaliation tariffs" on the entire world: 10% on all imports and 25% on foreign cars. He also displayed a list of countries and the applicable tariff rates, with the European Union facing a rate of 20%. The general tariffs came into effect on 5th April, while additional ones for specific countries began on 9th April.
Speaking at a conference in front of the White House, the US President argued these would be "nice tariffs", not as high as those imposed on the USA by other countries. He claimed that such customs policies would make America wealthy again.
On Monday, the US President stated he is willing to negotiate, but on "tough terms" and expressed a commitment to maintaining the tariffs. Before the stock market opened in New York, he mentioned he does not plan to abandon his policy, even in the face of significant stock market declines.
