LAS VEGAS (KTNV) — As of 12:01 a.m. EDT Saturday—or 9:01 p.m. PDT in Las Vegas—President Trump's 10% tariff on imports from all countries is in effect.
The higher reciprocal tariffs on other countries don't take effect until next Wednesday, but the concerns from people in the valley about how all of this tariff talk will impact them absolutely have.
VIDEO: Guy Tannenbaum explains how the Trump administration's new tariffs will affect you
With so much uncertainty right now, Channel 13 worked to find out which goods could be more expensive once the tariffs kick in.
The Yale University Budget Lab—anonpartisan research center—released a study earlier this week that analyzed the projected economic effects of the tariffs.
Their main takeaway? Consumer prices are expected to rise 2.3% overall, which equates to an average $3800 loss of purchasing power per American household.
It's still unclear exactly how much more you'll pay at grocery or hardware stores, for example, though–that will depend on how much of the tariffs companies decide to pass onto consumers–but this study from Yale is starting to give us a better idea.
Yale researchers say all of President Trump's tariffs will disproportionately affect clothing and textile goods since the U.S. is the largest apparel importer in the world.
The study projects prices for clothes and shoes to increase by 17%.
We did the math for you: that would mean a $30 shirt would cost about $5 more and a $100 pair of shoes would run about $117 after tariffs.
Another key takeaway from the study: food prices are projected to rise by nearly 3% overall, with fresh produce rising by 4%.
Lastly, the cost of cars and car parts have been a big time concern for locals, and analysis from Yale shows they're expected to rise by just over 8%, which they say is an extra $4000 to the average price of a new car in the United States.
Now it's worth noting that these price increases likely won't kick in right away, and when Channel 13 caught up with financial analyst Steve Budin earlier this week, he stressed the White House's goal with the tariffs will take some time too.
"What they're trying to do is encourage foreign manufacturers to build factories and produce goods here," Budin said. "It doesn't happen overnight–just because you levy taxes or tariffs today, doesn't mean factories get built in the United States tomorrow."
In the meantime, Channel 13 will continue to keep a close eye on prices around the Las Vegas Valley, so we can bring you the latest information about how tariffs will impact you and your family.
If you'd like to learn more about the Yale University Budget Lab's analysis of the financial impacts of President Trump's tariffs, you can view the full study by clicking here.
