The Yale Budget Lab estimates the Trump administration’s tariffs would cost the average household $3,800 in higher prices this year. That includes the 10% universal tariff plus much higher tariffs on about 60 countries announced Wednesday, as well as previous import taxes on steel, aluminum and cars. Inflation could top 4% this year, from 2.8% currently, while the economy may barely grow, according to estimates by Nationwide Financial.
Today, when I went to Amazon, I checked my cart and found that every item I had saved for later had gone up in price. A sign of what is to come. There was nothing there that I needed but one Lego Starwar for my son’s birthday. The item had gone from $94 to $109. I ordered immediately before the price went up again. My son’s birthday is in May.