As global financial markets plunge in the wake of US President Donald Trump’s “Liberation Day” tariffs, Americans must also grapple with the potentially long-lasting impact of the move on household budgets.
The tariffs — which are paid in the first instance by US importers — will likely push up the price of many household items in the United States and reduce consumers’ spending power.
– Grocery store costs –
The US imports a growing share of the fresh fruits and vegetables consumed each year, according to the US Department of Agriculture (USDA).
Many of the fresh goods come from Canada and Mexico, two countries not immediately affected by the tariffs announced Wednesday.
But other goods will be hit by the stinging duties set to come into effect this month.
For example, the United States imports large quantities of bananas from the Latin American countries of Guatemala, Ecuador and Costa Rica, which will all face a …