The wide-reaching impacts of the sweeping tariffs put in place by President Donald Trump could be felt in a matter of days, mainly in the form of price increases. Some economists expect a family of four to spend $7,200 more this year. 

The President says the bold actions will bring in billions of dollars in tax revenue for the country and boost U.S. manufacturing — but most economists say the immediate impact falls on consumers. 

Most quickly will be pricier groceries — especially perishables as those arrive most often, like fruits and vegetables. Prices of coffee, chocolate, and seafood are also expected to go up. 

While the auto industry is also in a state of unknown, their expectations are that car prices will only increase.

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A metro area Subaru dealership told 5 EYEWITNESS NEWS that some of its new cars will increase as much as $3,000 once they go through the inventory already on the lot. Also, a Buick and GMC dealer says that with many parts arriving from different countries, even American-made cars may not be tariff-proof. 

“If it’s gonna affect cars, I’m gonna buy a piece of crap car, and not a car like this,” Libby Ledvina, who’s in the market for a new car, said. “Because I can’t afford to spend three grand more because of a tariff tax. Like, I’m not gonna do that.”

On the first day of trading after President Trump’s tariffs were announced, markets around the world tumbled — in the U.S. alone, stocks lost $3.1 trillion, the biggest one-day loss since March 2020. 

As for those retirement accounts, University of St. Thomas associate professor of economics Tyler Schipper says if the plan is to retire soon, it’s best to connect with a financial advisor to see if any short-term moves would be smart. But for those who have plenty of time before retirement, Schipper says to let the 401Ks be. 

Schipper says that most of the time, tariffs are used as a negotiating tool, and if they stick around, there will be wider and deeper impacts. 

“I think it makes a recession much more likely [than] it was at the beginning of the year. And the longer these tariffs stay in place, and the longer it sours consumers’ mood, the higher that probability becomes,” Schipper said.