Rising Costs for Essentials: U.S. consumers may soon face steep price hikes for everyday items like clothing and pharmaceuticals due to new tariffs proposed by former President Donald Trump, recent analyses reveal. A CNN report warns that $5 T-shirts and affordable leather goods could disappear from shelves as tariffs disproportionately target imported apparel—a sector where the U.S. relies on foreign suppliers for 98% of its clothing.
Economic Ripple Effects: Yale University’s Budget Lab projects short-term price spikes of up to 65% for clothing and 87% for leather goods. Meanwhile, a study commissioned by pharmaceutical trade groups estimates a 25% tariff on drug imports could raise U.S. healthcare costs by $51 billion annually, potentially increasing prices by 12.9% for consumers.
The U.S. Chamber of Commerce has sounded alarms, cautioning that tariffs risk "irreparable harm" to small businesses and could tip the economy into recession. In a letter to top officials, the chamber urged immediate relief measures.
Public Backlash: A Reuters/Ipsos poll found 57% of Americans oppose the tariffs—including a quarter of Republican voters—amid concerns over inflation. With the U.S. importing $203 billion worth of pharmaceuticals in 2023, largely from Europe, experts warn the policy could strain household budgets already grappling with rising costs.
