If you’re thinking of replacing your recliner, upgrading your phone, or buying a new fridge, now may be the time. A new round of steep Trump-era import tariffs is set to take effect on August 1, 2025, potentially raising the cost of many everyday items.
Former President Donald Trump announced the “Liberation Day” tariff package as a strategy to pressure foreign governments and boost U.S. manufacturing. But tariffs are first paid by American importers, and those added costs often get passed down to consumers.
Older adults and retirees living on fixed incomes could be hit the hardest. With inflation already straining budgets, rising prices on essentials will likely increase financial pressure.
Electronics (phones, TVs, laptops): Heavily reliant on imported components.