Trump Tariffs: 7 Consumer Products Likely to Cost More
The Trump tariffs for aluminum and steel have been confirmed and they are likely to shake a number of industries up.
With 25% tariffs on steel imports and 10% tariffs on aluminum imports , companies will have no choice but to raise prices of some products we all know and love. Here are sever consumer products that will probably cost more:
- Beer : The beer industry is likely to be affected due to the fact that beer cans are made out of aluminum, resulting in a new $347.7 million tax on the nation's beverage industry. The same principle applies to sodas.
- Jeans : Expect jeans to go up in price as these tariffs will destabilize the global economy and increase the prices of jeans.
- Motorcycles : With rising prices of aluminum and steel on the horizon, motorcycle manufacturers will have to raise prices to stay afloat.
- Cars : Vehicles also rely on large amounts of steel and aluminum to operate, while these tariffs could also increase domestic commodity prices and hurt competitiveness in the U.S.
- Household appliances : Washing machines and dryers will be hit hard as these tariffs are being stacked up on top of the January tariffs that Trump added on imported washers and dryers, which will cost companies up to 50% more.
- Bourbon : Whiskey lovers will also feel the brunt of these increases due to rising demand abroad.
- Peanut Butter : The famous spread could also be a casualty of these changes as tariffs could be imposed on them as well.
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