ORLANDO, Fla — In the weeks after Donald Trump won the election, he started talking about tariffs.
“The world’s most beautiful word in the dictionary is tariffs. It’s my favorite word,” back then President-elect Trump said.
Now in office once again, President Trump is making good on his promise to increase tariffs which he hopes will force companies to build businesses in America.
But some worry, the tax hike on foreign products may force prices to go up for Americans.
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Our Action 9 team spent weeks digging into what these tariffs could mean for our wallets. Even President Trump has said we might feel some short-term pain, but according to him the increased tariffs will help locally produced products, encourage other countries to invest and produce goods here and boost revenue for the U.S government.
From groceries to consumer goods, it’s no secret life is expensive and many Americans, like Deena Cundall from Sanford, are feeling it.
“Everything else has gone up, you know, gas, groceries, just really everything,” Cundall said.
But she’s a planner, so when she first heard then President-elect Trump talk about increasing tariffs, she started thinking about what that could mean for her cost of living.
She said, “One day, a light bulb just kind of went off in my head that, like, you know, a vehicle is a very large purchase. Tens of thousands of dollars.”
Cundall was already planning to buy a new car in late 2025, but instead she fast-tracked it, started researching. She pulled the trigger and bought a new Ford SUV.
“We’re very budget conscious. My husband is very good with finances, and so it’s just always a conversation,” Cundall told Action 9 Consumer Investigator Jeff Deal.
Jonathan Gold with the National Retail Federation said the tariffs could have a significant impact on the costs of a wide range of consumer goods.
According to Gold, “If we’re looking to put those 25% tariffs in place pretty quickly, there’s not a whole lot of time for companies to react and be able to mitigate as much as they would like to.”
His agency released a study back in November looking at the possible impact of a 60% to 100% tariff on China and 10% to 20% tariffs on imports from all countries.
“And they found that those tariffs would result in a price increase of anywhere between $2500 to $7600 for an American family within the year,” Gold said.
So, what should consumers think about buying now?
Prices on toys, household appliances and shoes would likely spike. For example, a $90 pair of running shoes would be $106 to $116.
Furniture and travel goods would go up in prince, too. A $31 backpack could jump as high as $38.
The Consumer Technology Association found laptops, tablets, video game consoles and smartphones would also go up in price. That $793-dollar laptop you were thinking about buying, would likely go for $1150 to more than $1300.
As for cars, major automakers have plants in Mexico and Canada. Even cars built in the U.S. use parts from overseas, so prices are expected to rise.
Consumer Advisor Clark Howard said, “A tariff is essentially just another form of tax, and it’s passed on to consumers by companies that have to pay them.”
But he doesn’t believe people should panic buy.
“There’s nothing that I would rush to buy because of concern about what might have a tariff on it,” Clark Howard said.
He went on to say it’s too early to tell how much prices could be impacted, but tariffs will slow down demand. So, car dealers may have to offer bigger discounts to bring people in into the dealerships.”
Still, Deena Cundall is happy with the deal on her SUV. She’s now also shopping to replace her old stove and dishwasher that are on their last legs.
“We thought we could maybe get another year out of them. And then it was like, you know, if these tariffs do get added, right? That’s just going to add to our price tag,” she said.
Food prices are also a big concern. Mexico is the largest supplier of fresh fruits and vegetables to the United States. So, if the tariffs there end up going into effect Americans can expect to pay more for things like berries and avocados.
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