President Donald Trump has said that tariffs won’t lead to higher prices. But the United States economy seems to disagree: Inflation, which has remained fairly tame, is slowly creeping up because of tariffs.
Trump’s latest round of higher taxes on imports, which went into effect Thursday, will immediately make imported goods from impacted countries more expensive in the United States.
The new tariffs will probably raise prices on:
Electronics: Computers are among the top goods the United States imported last year, mostly from high-tariff nations, including China, Mexico, Taiwan, Vietnam and Malaysia.
Clothing: America buys much of its apparel from other countries. Top destinations include China, Vietnam, Bangladesh, India and Indonesia.
Watches: Wristwatches are one of the top exports to the United States from Switzerland, which now has a 39% tariff.
Shoes: China, Vietnam and Indonesia are top destinations where shoes are made and tariffs are set to start at a minimum of 19% for the three countries, come next week.
Alcohol: Tariffs on goods from the European Union, a main supplier of alcoholic beverages, including wine, whiskey and vodka, rose to 15% Thursday.
Furniture: Vietnam is the top source of imported furniture, followed by China.
Toys: Mostly made in China and Vietnam. Toy brands have warned of higher prices.