Where experts say consumers will feel the impact from tariffs first
The first wave of tariffs goes into effect after midnight, and shoppers in the Delaware Valley are bracing for impact - wondering where they'll see prices go up first.
"A lot of the things we get are from other countries. The prices are already going up," said Tiana Santiago as she loaded her groceries into her car in Cherry Hill, N.J. "As you can see we spent $193. I can't imagine what it's gonna be after everything."
The baseline 10% tariff on all imported goods will go into effect at 12:01 a.m. Saturday.
The higher tariffs against specific countries go into effect on April 9.
China has already announced retaliatory 34% tariffs against the U.S. beginning April 10.
According to Michael Busler, finance professor at Stockton University, consumers will likely see impacts over the next two to three months.
He says car sales have gone up as folks rush to buy. He says toys will also likely go up in price.
"A lot of these relatively inexpensive things like toys, some consumer goods that are made in China - within the next month or two you're going to start to see a price increase there," said Busler.
Bussler predicts prices should start to level out by the end of the year and he ultimately believes the tariffs will have a positive impact in the long term.
Brendan Duke from the Center of Budget and Policy Priorities - who also served on Joe Biden's National Economic Council - says he expects to see impacts at grocery stores first, specifically heavily imported goods like coffee and bananas.
Also - clothing.
"A 17% increase on the price of clothing is what's estimated," said Duke. "It'll be interesting to see how businesses do this and if they just start raising the price or if they have some fee that they put on top of stuff to say, 'ok this is the tariff fee.'"
Trump announced the tariffs on foreign goods this week - wreaking havoc on the U.S. stock market - but insists the plan will make the U.S. economy more resilient.
