HONOLULU (KHON2) -- The stock market nosedived on Thursday, April 3, after President Trump imposed sweeping tariffs on countries around the globe. Economists said your wallet might feel the pain sooner than you think, and here at home, local businesses will feel the squeeze with some warning the tariffs could be the final straw for struggling shops. Hawaii officials preparing for tariff effects on construction Officials said the full impacts of the tariffs will likely be seen in the coming weeks and months. "Hawaii will be heavily impacted compared to the continent because we need to ship everything in," explained Tina Yamaki, Retail Merchants of Hawaii president. Trump announced a 10% baseline tax on imports from all countries and higher tariffs on dozens of others that run trade surpluses with the U.S. This includes a 54% tariff on goods from China. As an example, a $10 t-shirt from China with a 54% tariff on it could now cost the consumer $15.40. "At the end, the consumer ends up paying more and ends up paying it because as retailers, we can't absorb it all [the costs]," Yamaki explained. Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You "We're already one of the most expensive states to live in, and this is just going to compound it," she added. "We probably will see more businesses closing." Everything from food, clothes, cars, furniture, appliances and pharmaceuticals, even items made in the U.S. will cost more if it uses copper or aluminum or other products from other countries. "At this level of tariffs, if they stay in place, we're talking about basically cutting into people's disposable income by $4,000 or $5,000 for the average household," explained University of Hawaii Economic Research Organization Executive Director Carl Bonham. He said that could impact the tourism industry, with visitors opting out of non-essential travel. Places like Maui could see another blow. "Certainly have been some cancelations by Canadian visitors in Hawaii, and honestly, the loss of Canadian visitors after the Maui wildfire was was consequential, so this just aggravates that and then if their economy goes into recession, it just, sort of piles on." Check out more news from around Hawaii Bonham said some local businesses could benefit from the tariffs like Kona coffee competing with other countries now with higher costs. ...read more read less