Tariff Shock: How Trump’s New Tariffs Could Spike Your Everyday Costs
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President Trump’s latest tariff moves are poised to hit your wallet hard. With a Tuesday deadline looming, the administration is set to impose a 25% duty on key imports from Canada and Mexico—plus an extra 10% on Chinese goods on top of an earlier 10% hit. Here’s a breakdown of what might get pricier and why it matters. Everyday Essentials on the Line Food and Agriculture: According to EY Chief Economist Gregory Daco, increased tariffs could drive up the cost of meat, dairy, fruits, vegetables, and other agricultural products. With grocery prices already up 28% over the past five years, consumers might soon face even steeper bills at the checkout. Automotive Costs: With deeply intertwined supply chains between the U.S., Mexico, and Canada, expect price hikes on cars and auto parts. S&S Automotive in New Jersey predicts that routine services like oil changes—which currently range from $50 to $80—could soar to over $100. Construction Materials: Canadian imports such as lumbe...