SAN DIEGO (FOX 5/KUSI) -- Economists say President Donald Trump’s new global tariffs will increase prices in the coming months for most every day goods consumers need and buy.
From shoes, clothes, electronics to coffee, there will likely be some impact to consumers because many goods are impor
ted.
“Virtually everything produced online is produced elsewhere in the world and so you’d expect prices of those then to rise,” said Alan Gin, University of San Diego Associate Professor of Economics.
Gin says from department stores like Kohls to Walmart and Target, prices for goods are likely to increase.
“China has a 34% tariff added to its previous tariffs of 20% so more than 50% on products coming from China and that’s big because we import a lot of consumer goods from China,” Gin said. “So if you go shop for clothes and shoes, your prices are going to be higher.”
The Dow plunged about 1,600 points Thursday as investor sentiment weakened, and car maker Stellantis announced hundreds of layoffs and a production pause at some factories in Canada and Mexico.
“Last year 16 million cars we sold in the U.S. and half were imported and other half that were produced in the U.S. imported a lot of the parts. Even if a car is produced in the U.S. about 50% of the car is produced here, the other half is imported.” ...read more read less
