PALM BEACH COUNTY, Fla. — In a dramatic shift aimed at prioritizing American businesses, President Donald Trump announced Wednesday, a new rollout of tariffs on a range of goods and imports.
This policy change is stirring a mix of reactions among consumers and experts alike, leading many to wonder what financial impact this could have on their everyday lives.
WATCH: What residents are saying about newly proposed tariffs
WPTV’s Joel Lopez took to the streets of Clematis in Downtown West Palm Beach to gauge public opinion on the newly proposed tariffs.
Opinions varied widely
"This is taxes on top of inflation. Much worse, much worse," said John Turner from Jupiter, expressing deep concern.
He is currently in the market for a new car, anticipating price increases due to the added tariff costs on new inventory. Turner emphasized that he believes this policy might ultimately benefit no one, questioning the timing and execution of such a significant economic move.
Conversely, some residents, like Keith Geisow, who lives part time in Delray Beach, shares a more optimistic view.
"I'm very happy about tariffs, because I believe they're going to bring more industry to the country," he said.
With a background in manufacturing, Geisow supports these changes as a way to revitalize American jobs and reduce reliance on foreign labor. “It’s definitely worth it in the long run because we have to support ourselves; we can’t depend on other countries."
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However, not everyone shares this optimism.
Tony Ross, a West Palm Beach resident, voiced frustration over living costs exacerbated by tariffs.
"An average apartment here is $3,000 and they just keep pushing people out more and more, all the time," he lamented. "You just can’t afford to live here."
Ross recalled his previous employment at a steel mill in Pittsburgh, that he said President Trump had promised to save but it shut down.
"Had four years to make America great," Ross said. "Now they might create a bigger mess than they already did.”
To further explore the potential ramifications of the tariffs, we consulted financial expert Keith Singer, managing director for Singer Wealth Advisors.
He noted that the tariffs will make imported goods more expensive.
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"Everything that we buy from another country is going to be more expensive," Singer said, "because the tariffs are against all the countries — not just one or two, even our friends."
Singer highlighted that the current tariffs signify a stark increase not seen since the trade wars of the Great Depression in the 1930s. He explained that while tariffs have been relatively low since 1976, other countries charge the U.S. higher tariffs than we impose on them, contributing to a substantial trade deficit.
He explained that countries will retaliate and also raise their tariffs.
Those extra fees on imports will have to be paid, and he expects that businesses will likely pass these costs onto consumers, Singer warned.
"That's why things are cheap at Walmart, that's because they're buying things from other countries that have cheap labor and if all of the sudden, that goes up 20-30%, all of the things people are buying that's going to really impact," said Singer. "Especially the lower economic people the most, because that's a huge percentage of their disposable income."
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He also also pointed out that the tariff strategy may serve as a negotiation tactic for the Trump administration to gain leverage in trade discussions, but he cautioned against viewing this approach as beneficial for the economy in the long run.
For those concerned about their investments, Singer provided reassurance for investors, advising against panic selling.
He said the way things have gone in this tariff process, you may see the numbers reversed if tariffs are reduced or eliminated.
For younger investors, he recommended continuing to invest regularly.
However, he advised those nearing retirement to assess their portfolios and consider alternatives with more predictable returns.
