South Florida businesses and consumers are expecting the wide-ranging new tariffs announced by President Donald Trump to impact their pocketbooks in the coming weeks and months. One of the industries being targeted by the tariffs is automobiles and car parts. Rick Case Automotive Group’s chi ef operating officer, Marc Riley, said he’s starting to get an idea of what to expect from the 25% tariff placed on imported vehicles and parts, but he’s still not sure. “Best educated guess is about five to 10% increase on manufacturer’s suggested retail price. That’s what we’re assuming, that’s what we are hearing from all of the manufacturers,” Riley said. While the tariffs that went into effect Thursday will apply to imported vehicles, Riley said that even some made in the United States won’t be exempt. “It’s based on the percent of the vehicle that is produced inside of the U.S.,” he said. Ttump has touted the tariffs as part of a plan to protect U.S. industries from foreign competition. “This will be the Golden Age of America, it’s coming back,” Trump said. Economists have largely agreed that the president’s plan is a tax that will be passed down onto the consumer. Imported automobile parts aren’t the only products expected to be impacted by tariffs. Regency Furniture’s president, Mark Stuart, said the 46% tariff placed on Vietnam, where the company gets much of its components, will bring higher prices to consumers. “At the end of the day, they pay all profits, all tariffs, all taxes. It always lands on the consumer,” Stuart said. According to the National Association of Home Builders, tariffs on imported building materials are expected to add more than $9,000 onto the cost of a new home. Electronics produced in China are also likely to receive a significant price hike if companies like Apple decide to pass the tax onto consumers. However, products already in stock rooms and on show floors are not affected by tariffs, with business people saying now would be a good time to buy imported goods before any price increases may take effect. “We just want to maximize and give our customers a great deal now before we know exactly what’s going on, because we really don’t know exactly what the effects are going to be yet,” Riley said. On top of furniture and vehicles, consumers can expect to see price increases on other products like clothing, shoes and coffee. Some of the tariffs announced by the Trump administration have already gone into effect, while others are expected to happen in the coming days. ...read more read less