MSN - Americans are paying more for appliances, home furnishings, toys and shoes than they were a few months ago, and they could soon face higher prices on more goods as the Trump administration’s latest round of sharper tariffs kicks in.
The newest round of duties took effect Thursday, lifting the average U.S. tariff rate to its highest level since the Great Depression. The move solidifies the president’s trade policy after months of negotiations, meaning more manufacturers and retailers are expected to begin raising prices in short order....
For consumers, that escalation is expected to result in higher prices, costing households an average of $2,400 per year, according to estimates from the Budget Lab at Yale University. Americans are likely to face large markups on clothing in the coming months, including a 39 percent increase in prices for leather shoes and bags, and a 37 percent jump in clothing costs, the research center found. Even after long-run supply chain adjustments and buying shifts, those prices could remain elevated by nearly 20 percent.
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