Government Official Warns Trump’s Tariffs Will Make Prices Rise Even Higher This Summer
Federal Reserve Chair Jerome Powell is giving all our wallets a reality check just in time for the summer.
Yes, that pesky "tariff" word that keeps popping up in the headlines? It’s about to hit you where it hurts: the checkout line.
And like summer wasps, these new Trump tariffs are expected to sting.
READ MORE: Walmart Is Increasing Its Prices Thanks to the Tariffs—Here’s What You Need to Know
Powell recently announced that incoming tariffs will likely raise prices on everyday items in the coming months.
“Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer,” he said at a June press conference, according to Reuters.
Why It Matters
- From phones to air fryers, everyday essentials could get more expensive over the coming moths.
- Some items are already pricey, and now Powell says tariffs might push prices even higher.
- The Federal Reserve had been expected to lower interest rates this year, but if inflation keeps rising, they might hold off.
- Global tensions such as Trump's bombing of Iran and trade shakeups are making things messy, and shoppers are likely to feel the squeeze on their wallets.
What’s Next
- All eyes are on the Federal Reserve's upcoming meetings to see if they’ll lower interest rates or not.
- More tariffs could be announced, especially on goods imported from China.
- Powell stresses this won’t be a quick fix; he's playing the long game to stabilize the economy.
READ MORE: Trump Tariff Product Shortages Are Coming: Buy These Items Now Before Shelves Empty
When we buy imported goods, we don’t just pay for the tariff; we are the tariff.
Powell’s warning means your summer shopping this year might cost more than you bargained for.
