Families will have to pay an average of $3,800 more this year due to the newly announced tariffs, according to a Yale budget lab. Ian cull reports.
Families will have to pay an average of $3,800 more this year due to the newly announced tariffs, according to a Yale budget lab.
President Donald Trump announced Wednesday sweeping 10% tariffs on all countries, which has left many wondering how they will be impacted financially.
The Yale budget lab estimates roughly an extra $73 a week families will have to account for in the wake of the new tariffs.
In the Bay Area, some said they are now stocking up on grocery essentials.
The White House said USMCA compliant goods will not have a tariff, which means most produce from Mexico and Canada is exempt. Fruits, vegetables and other food from outside of those two countries will likely cost more, including wheat, chocolate, coffee, and imported seafood and wine.
Economists said grocery stores typically have slim profit margins, so they expect the cost to be passed to consumers at checkout relatively quickly.
Most people who spoke to NBC Bay Area on Thursday said the price hike is going to hurt and put the blame solely on the president.
"Frankly, any idea that the president gives a hoot about the average consumer is kind of laughable," San Jose resident Ronnie Wexler said.
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