Prices at stores, restaurants and gas stations could go up because of President Donald Trump’s tariffs, economists say, and small businesses and customers say they have already started to experience its impact.
At Audrey’s Fish & Chips in Manassas, Virginia, owner Kat Phisootchukkrawan said she’s feeling the pinch from rising prices for both ingredients and supplies. Phisootchukkrawan said she hopes to avoid raising her menu prices and is shopping around for cheaper suppliers while also raising three kids.
“Everything on me and I have not much time to shop around, but I have to because I have to minimize the food costs,” Phisootchukkrawan said.
The U.S. started collecting a 25% tariff on nearly all goods from Mexico and Canada to align with one of Trump’s executive orders.
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Canadian energy products are levied at a lower rate of 10%. Both countries announced retaliatory tariffs.
The trade tensions between the countries likely means families across the country will feel the financial impact. Tariffs could cost the average U.S. household up to $2,000 a year, according to the Yale Budget Lab.
The potential price increases could impact goods such as clothing, computers, electronics, cars, gas, produce, cereal and dairy.
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Michele Thomas told News4 she voted for President Trump because of social issues. Thomas said she doesn’t regret her vote but does worry about the state of the economy.
“Every single day the stock market’s just like 600 points down — 600 points, like, every day," she said. "And I’m just watching my retirement savings. It’s really worrisome.”
Phisootchukkrawan said her feelings about the tariffs aren’t entirely negative, and she likes the idea of supporting U.S. manufacturing.
“When you buy the local or made in USA, it creates a job,” she said.
Kevin Mahoney, a certified financial planner in D.C., said people should make sure they have enough savings to overcome unexpected events.
“I would encourage people, more than anything, to not try to panic and try to stick with whatever plan or strategy they had in place for this year or the years ahead,” Mahoney said.
