Donald Trump's trade war is gearing up to hit American wallets hard! CNN reports that everyday items, like the classic $5 T-shirt, might soon become a thing of the past as tariffs target basic clothing. With over 98% of U.S. clothing being imported, the ripple effects could be massive.
Research from the Yale University Budget Lab warns that consumer prices might jump by 65% for clothes and a staggering 87% for leather goods—talk about a plot twist straight out of your favorite blockbuster! 😲
On the flip side, a proposed 25% tariff on pharmaceutical imports could drive up U.S. drug costs by nearly $51 billion annually, potentially raising prices by up to 12.9%. This double whammy is putting pressure on everyday consumers and small businesses alike.
The U.S. Chamber of Commerce has sounded the alarm, sending an urgent letter to Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. Their message is clear: act fast to protect America's small businesses and help stave off a recession.
As a Reuters/Ipsos poll shows, 57% of Americans are bracing for higher prices—even some Trump supporters are voicing concerns. With the trade war intensifying, consumers and entrepreneurs are keeping a close eye on how these tariffs will reshape everyday life. Stay tuned, because when basic goods price-shoot, we all feel the burn! 🔥
Reference(s):
cgtn.com
