What Trump's tariffs mean for Americans' buying power

After emerging victorious in the 2024 US presidential election, Donald Trump is set to return to the White House as the 47th President of the United States. One of the key policies he ran on was raising tariffs on imports, including a proposed 60% tariff on all Chinese imports and a 10 to 20% tariff on all other imports to the US. Yahoo Finance special reporter Akiko Fujita analyzes the potential impact these proposed tariff policies could have on inflation, the broader US economy, and Americans' wallets as prices are poised to rise under this tariff regime.
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[fernb]

Recession is a great thing for the rich everyone else good luck trying to make ends meet

[Oddball]

people who voted trump for financial reasons are in for quite the suprise.

[quantenmoi]

I own a US manufacturing company. If those numbers are real, we’re going to have to shut down our domestic production and move to contract manufacturing overseas.

[fartman]

Yes, tariffs were indeed one of the driving factors of the Great Depression. The most notable tariff was the Smoot-Hawley Tariff Act of 1930, which was initially intended to protect American businesses and agriculture from foreign competition by raising tariffs on thousands of imported goods. However, this backfired significantly:

Retaliatory Tariffs: Other countries imposed their own tariffs in response, leading to a sharp decline in international trade. This hurt American exporters and contributed to a decrease in global demand, worsening the economic downturn.

Reduced Global Trade: International trade is vital to economic growth, and these trade restrictions caused a significant reduction in global commerce, aggravating the economic crisis worldwide.

Economic Isolation: The tariffs isolated the U.S. economy, causing domestic prices to rise and leading to inefficiencies as American consumers and businesses faced higher costs for goods.

[kbrtom]

Way to go MAGA. You just screwed yourselves and the rest of us.
WE TRIED TO TELL YOU TRUMP IS A DANGEROUS MAN.
Now, YOU can suffer along with the rest of us.

[EaglesQuestions]

Clothing prices. Can you IMAGINE what will happen to clothing prices? Even if your current outfit was made in America, the material definitely wasn't.

[zachriley]

😩😩Eggs are too high! Groceries are too high! Gas is too high!

Trump: i don't care, i'll slap you more with 20% -60% TARIFFS!

[stevea]

Now, Don't start complaining about how the prices are rising, Leon said we'll have pain. Tell that to you Teenager

[jamix]

The problem with tariffs is that local manufactures also increase their prices to match the new prices of imports or just slightly below. You can't really control or regulate human greed, which in the basis of which Capitalism is built.

[Jaciekakes]

Theres news coming in of people who voted Trump coming in to work and finding out they're losing Christmas bonuses because companies have to buy a years worth of materials before the tariffs kick in.

The poetic justice is sweet.

[edmundlively]

Knowing what will happen to Future tariffs 3 months from now will pull imports forward. Overseas companies that are importing to us will do well in the next month. 😊😊😊😊

[sasquatch]

Hopefully members of the house and senate have some common sense and reject these proposals by Trump.

[Lykosas]

Great business man Donnie doesn't know how tariffs work. I hope he implements the tariffs just so I could make more fun out of americans.

Impose tariffs to reduce inflation, what an oxymoron. It will cripple the economy and I can't wait to see it.

Just for reference, US barely grows any coffee beans, it's mostly imported and theoretically the tariff on them is 15%. All US coffee makers will increase the price of end product coffee by +15%.

It's the consumer that pays the tariffs, not china or any other country. Congratulations, you've played your selves.

[solobusiness]

Remember you guys voted for this congrats

[halloweenevillivesyoutubec]

The rich are the winners we don't

[rgrifferon]

Why the full details about tariffs now?, the horse is out of the barn.

[jameswheeler-]

MACMA .... Make America cost more again !!! Clap, clap clap

[RTheWalkerOfGreenB]

I voted for Trump the first two times, and largely due to his tariff potentially screwing up the industry I work in, January 6th, and the whole Roe Vs Wade thing, I voted for Kamala...

Here's to hoping he doesn't make things even worse than Kamala would have

[lqelhig]

Watch his threats fall back on all these incompetent people that voted for him. 🤣💀I’m a blue collar worker and trump is going to help me. Yeah ok bud, u and me both.

[ooooooHOLYCOW]

For a small business, this screws me even more than bigger corporations cause we do not have a global outreach, Apple would be operating as is cause the U.S. would be the only country having to pay more for the same iPhone that every other country would be paying for.

As a small business we're screwed cause we cannot afford to operate on the same level as Apple, Nike or Adidas cause I have to import my resource and sell only in the U.S.