Experts have warned American shopkeepers to soon buy some everyday items, as prices are expected to increase due to the impact of Donald Trump’s new tariff. The New York Post.
Americans will have to pay more at the supermarket counter within the coming days, while high prices can be felt in a few weeks on everything from sneakers to furniture to cars. Post.
On 2 April, President Trump announced a new tariff to target imports from countries around the world with a base rate of 10 percent. However, some products will also face high tariffs, including alcohol from the European Union, which can be taxed at 200 percent.
Also read Donald Trump unveils mutual tariffs on countries. See full list
A reputed economist and academic Dr. at the University of Loyola Merimount in Los Angeles. Sung won Sohan, told The Post that the grocery items that are imported would be more expensive in the short term.
“We import 80% avocados that we consume in the US, and they are bad objects, so they will be more expensive immediately,” Sohan told the post.
Sohan said other staple items that America do not produce domesticly, such as coffee, tea and bananas, will also become more expensive.
Trump also slapped 25% tariffs on all imported vehicles starting on Thursday. 25% levy on auto parts starts from May 3.
Sohan said that it may take a few weeks or months for tariffs on foreign-made cars as there is already an existing inventory that has not been evacuated yet, Sohan said.
Countries such as Vietnam and South Africa are also greatly affected, respectively with tariffs of 46 percent and 30 percent. Trump justified these measures as part of his “Make America Amir again” initiative, aimed at reducing the country’s dependence on imports. However, changes are expected to increase the significant price on many everyday goods, which will make consumers a breast for rising costs.
