President Donald Trump has been applying strict tariffs on products. Tariffs are taxes that are placed on products from other countries.
Trump’s latest actions have included setting a 10% tariff on almost all goods from foreign nations, along with a 145% tariff on almost all Chinese products. New restrictions have also targeted the automobile industry, causing an expected rise in car prices. Most recently, on Wednesday, U.S. and Chinese officials agreed to a 90-day truce in the trade war so that more discussions and negotiations could take place.
Tariffs aren’t always a hot topic, but with the trade war going on between China and the United States, tariffs are becoming impactful on everyday goods. President Trump’s strict tariffs have caused products that are made in China to rise and sometimes double in price when sold in the U.S. Not only is this inconvenient for everyday people, but it also places a barrier on the companies bringing Chinese products to the U.S., such as SHEIN and Temu.
For example, an order from SHEIN might have up to 120% tariffs placed on each product. This means that if a product was originally $10, the 120% tariff will cause the product to now be $22.
Companies like Walmart and Amazon have also been impacted by new restrictions, as the rising tariffs result in rise of prices on their foreign products. Products such as electronics, clothes, cars and furniture have also been affected.
A relatively small amount of goods Americans purchase are actually made in the U.S. For example, only 10% of blankets, cloths, and other fabric goods are made in the U.S., according to The Atlantic. This means that people will feel the difference from these tariffs placed on products they regularly purchase.
New restrictions won’t only affect prices of products, but the entire stock market might also falter.
“Tariffs have already affected the stock market. The overall value of the stock market has dropped since the tariffs were attempted,” Upper School history teacher Mr. John Lujano said.
As the U.S. market fluctuates, it is important for students to stay informed. With the Class of 2025 graduating and going off to college soon, students might face challenges within the market as adults.
“If you’re going to be a responsible voter, you simply must have informed opinions about world affairs so that you can judge our elected officials wisely,” Upper School history teacher Mr. Dustin Havens said.
From teachers to teenagers, Trump’s new tariffs can greatly impact everyone. With this in mind, staying intertwined with current affairs is dire to stay afloat within the economic world.
“Sound saving and investing requires a certain level of global awareness. Your personal finance health depends on it!” Mr. Havens said.
