The Office of the United States Trade Representative issued a comprehensive list of Chinese products that the U.S. plans to target. The list includes everything from vegetables and seafood to chemical elements and construction materials.
Including these latest additions, tariffs will cost the average American family $127 per year, according to an analysis from Kirill Borusyak, a postdoctoral associate at Princeton University, and Xavier Jaravel, an economics professor at the London School of Economics. The effect on you will vary based on what you buy, and the extra amount you’ll pay could increase significantly if you make more substantial purchases.
Here are some notable goods that may become more expensive for American consumers as a result of the tariffs:
Many American companies have already announced that tariffs could force them to raise prices, including Walmart, Gap, Coca-Cola and General Motors. Macy’s also expects to be affected, and some Apple products are expected to get more expensive as well, although not its new smartwatch or wireless headphones.
With tariffs on certain construction materials, houses themselves may jump in price. The U.S. tariffs on Canadian lumber may have already contributed to increased housing costs in the U.S., reports the New York Times. They’re “adding about $9,000 to the cost of the average single family home,” writes Sandy Weaver, senior adviser at Petrovic Weaver Financial Services, in the Kansas City Star.
“There’s no way around it: Tariffs are taxes on American consumers,” says David French, senior vice president for government relations at the National Retail Federation. He adds that some prices might increase as soon as the holiday shopping season.