President Donald Trump announced extensive tariffs on April 2, with the possibility to dramatically change costs of essential everyday items for American consumers. He has unveiled tariffs for 60 countries including Cambodia, Vietnam, China, and the European Union, which he deemed the “worst offenders” when it comes to trade imbalances.
Here are five types of items that may see price increases over the next few months as a result.
Gas
The U.S.’s primary source of natural gas imports is Canada, and though Trump announced a lower tariff of 10% for Canadian energy imports, consumers are likely to still feel the effects. In 2022, 99% of the U.S.’s total natural gas imports were from Canada.
These tariffs may lead to increased heating costs and gas pump prices. Scott Lincicome, vice president of general economics and trade at the Cato Institute, predicted that consumers will see an increase of 10 to 20 cents per gallon with the 10% tariff on Canadian crude oil, according to NPR.
Electronics
It might not be the best time to invest in that new smartphone. In 2024, China, Taiwan, and Vietnam were the top three exporters of laptops and tablets to the U.S. Now, they’re some of the countries most taxed by the new tariff. Almost all consumer electronics are likely to see price hikes as a result.
These impacted products also include lithium-ion batteries and video game consoles. A Nintendo representative told CNBC that pre-orders for the widely-anticipated Nintendo Switch 2 would be delayed to an indeterminate date due to tariff concerns.
Toys
The increase in costs are not limited to smartphones and tablets. Ed Brzytwa, vice president for international trade at the Consumer Technology Association, estimates that toys made in China will likely cost consumers at least 30% more than their current price, according to CNN. These toys account for close to 77% of all toys sold in the U.S., and they are all about to face the upcoming 54% tariff.
Cars
A 25% tariff on finished cars took effect on April 3, and a 25% tariff on car parts is set to take effect by May 3 latest. Mexico is the seventh-largest passenger vehicle manufacturer in the world, and close to 76% of its exports go to the U.S.
In a 21-page analysis obtained by AP, economist Art Laffer estimates that fully implemented tariffs could increase per-vehicle costs by close to $4,711.
“A 25% tariff would not only shrink, or possibly eliminate, profit margins for U.S. manufacturers but also weaken their ability to compete with international rivals,” Laffer writes in the analysis.
Apparel
China and Vietnam, two of the most impacted by the tariffs, are also two of the top sources of foreign-made clothes for U.S. consumers, shipping close to $14 billion worth of clothing to the U.S. in 2024.
Even customers of fast fashion and internet-famous online retailers like Shein, Temu, and AliExpress will take a hit. Beginning on May 2, the 54% tariff will apply to packages worth less than $800 coming from China and Hong Kong, which will include packages from these online retailers.
These five categories make up only a portion of imported goods. Tariffs will continue to take effect over the next few months, possibly triggering an economic slowdown and increasing prices for American consumers as a whole.
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