President Donald Trump's trade war is set to hit American shoppers where it counts: the wallet. From $5 T-shirts to your go-to leather jacket, new tariffs could send consumer prices soaring.
Data-Driven Reality Check
A recent analysis by the Yale University Budget Lab warns of short-term price jumps of up to 65 percent for clothing and 87 percent for leather goods. With the U.S. importing over 98 percent of its garments, cheap fast fashion could become a thing of the past.
Small Businesses Sound the Alarm
In a letter to the White House, the U.S. Chamber of Commerce urged immediate tariff relief to avoid 'irreparable harm' to small businesses and stave off a potential recession. The chamber’s missive reached key officials including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.
Pharma Price Shock
Pharmaceutical imports aren’t safe either. A report by industry trade groups and Ernst & Young shows a 25 percent tariff could add nearly $51 billion to U.S. drug costs annual, potentially hiking prices by 12.9 percent. Most medicines come from Europe—countries like Ireland, Germany and Switzerland dominate the market.
Global Consumers Weigh In
Global shoppers are no strangers to supply chain shifts, but a recent Reuters/Ipsos poll finds 57 percent of Americans, including a quarter of Republicans, oppose the new tariffs. They’re bracing for higher costs not just at home but along interconnected global markets.
As tariffs reshape the retail landscape, consumers and businesses worldwide will be watching for the next move in this high-stakes trade game.
Reference(s):
cgtn.com
