Topics: Donald Trump, News, Technology, Food and Drink, US News, Money
An expert has revealed which everyday items are likely to see a price hike as Donald Trump's tariffs take their toll on American imports.
On Wednesday (April 2), President Trump announced a series of new tariffs on almost every country in the world, with a base rate of 10 percent being set.
But 10 percent is for the lucky ones, as the POTUS has threatened tariffs as high as 200 percent on alcohol produced in European Union countries.
Meanwhile, Vietnam has received a custom tariff of 46 percent and South Africa is facing a 30 percent levy.
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Trump says he's made the changes to 'Make America Wealthy Again' with the country being one of the world's largest importer of goods, but things might get worse before they get better for the average US citizen as it's expected that Trump's changes will have a dramatic impact on the price of many everyday items.
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With this in mind, Dr. Sung Won Sohn, an economist and academic at Loyola Marymount University in Los Angeles, has urged people to buy certain products before they become more expensive.
"We import 80% of avocados that we consume in America and those are perishable items, so they will be more expensive immediately," Sohn told The New York Post.
Sohn says other items like tea, coffee, and bananas will also go up in price quite quickly.
Washers and dryers from Korean-based manufacturers might also become more expensive as these items are in the same umbrella as cars and car part, Sohn said.
Trump slapped a 25 percent tariff on all imported vehicles that kicked in yesterday.
However, this hike may take longer to kick in as it's believed the US has existing inventory that has yet to be emptied out.
"They have inventory so as a result prices don’t have to go up right away," he explained.
In regards to cars, you may not be offered the same discounts from car dealerships that you would have done previously as a result of the tariffs, Sohn further noted.
The US imported a staggering $9.4 billion worth of furniture from China in 2023, says CNBC.
China is one of the worst hit countries when it comes to Trump's tariffs and is facing a 54 percent tariff rate.
Trump already hit China with a 20 percent hike, which came into force on March 4.
The president then hit the country with a 34 percent 'reciprocal' tariff as part of his Liberation Day announcement. This is expected to be implemented on April 9.
