PALM BEACH COUNTY, Fla. — New tariffs announced by President Donald Trump may affect consumers' budgets significantly, with potential increases in prices for a range of products, from groceries to clothing and cars.
The president implemented reciprocal tariffs aimed at countries including China, the European Union and Vietnam. During a press briefing, Trump stated, “They charge us, we charge them,” referring to the tariffs that will see the U.S. imposing a 46% tariff on imports from these nations, who currently charge the U.S. up to 90%.
Financial advisor Ashley Terrell emphasizes that these costs will likely be passed down to consumers.
"All of this is going to be passed down to the consumer," she said.
Notably, major brands like Nike and Mattel — who manufacture overseas — could face significant impacts, with prices predicted to rise across retail markets, including fast fashion outlets.
Terrell described a notable change coming for fast fashion retailers such as Shein and Temu, as President Trump signed an executive order that eliminates a loophole allowing these companies to ship thousands of low-cost packages from China without incurring taxes.
Starting next month, all exports from these retailers will be taxed.
"Some companies have even expressed that this could be detrimental," Terrell added.
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In West Palm Beach, local business owner Katrina Kovtourna, who sources most of her products from Italy, reported that she has not yet felt the impact of the tariffs.
"Maybe it's not been long, long enough," she said, but expressed readiness for potential changes that may result.
"I believe it will in the future impact the shipping. But as right now, everything is sunny and pink," she said.
Local shoppers, like Songeeta Ollivierre, are adjusting their buying habits considering the economic landscape.
"A lot of them are going out of business; we got to stick together," she commented, highlighting the importance of supporting local businesses.
As retailers currently do not report immediate effects, experts warn that prices may start rising when the tariffs officially take effect on April 9.
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