In a surprising twist for everyday shoppers, U.S. President Donald Trump's tariffs are set to shake up the market. Reports indicate that even a simple $5 t-shirt could soon come with a heftier price tag 😮. With the nation importing over 98% of its clothing, experts suggest that prices may jump by as much as 65% for clothes and 87% for leather goods.
But that's not all—new tariffs on pharmaceutical imports could raise drug costs by nearly $51 billion annually, potentially translating to a 12.9% increase for consumers. For anyone watching their budget closely, these changes could have a real impact.
The U.S. Chamber of Commerce has warned of "irreparable harm" to small businesses and even a possible recession. In a letter sent to key Treasury, Commerce, and Trade officials, the chamber urged immediate action to ease the tariff burden.
This situation serves as a reminder that major trade policies can affect even those everyday items we often take for granted. Stay informed as these developments unfold, and keep your eyes peeled for how these shifts might influence your wallet!
Reference(s):
cgtn.com
