As the trade tensions continue to escalate, American consumers might soon feel the pinch in their wallets. President Trump’s latest round of tariffs is set to dramatically increase prices across multiple product categories, potentially pushing inflation to new heights.

The impact will be most noticeable in electronics, with computer prices expected to surge by up to 18.2% in the short term. Yale Budget Lab economists predict that items like laptops, smartphones, and other tech gadgets could become significantly more expensive due to increased taxes on imports from countries like China, Taiwan, and India.

Clothing and apparel are also facing substantial price hikes. With top clothing-producing nations like Vietnam, Bangladesh, and China facing higher tariffs, consumers could see clothing prices jump by as much as 37.5% in the near future. This means your favorite brands might soon cost considerably more.

The tariffs won’t just stop at tech and fashion. Luxury items like Swiss watches could see price increases of nearly 40%, while everyday items like furniture, toys, and footwear are also likely to become more expensive. Shoe prices from China, Vietnam, and Indonesia are expected to rise with minimum tariff rates starting at 19%.

Even your weekend wine and spirits might not be spared. Imported alcoholic beverages from the European Union could see price increases as tariffs rise from 10% to 15%, potentially impacting about 35% of the US alcohol market.

Businesses have been trying to absorb these additional costs, but economists suggest that it typically takes around eight months for import tax increases to be fully reflected in consumer prices. This means the full economic impact is yet to be felt by most Americans.

As trade negotiations continue and tariff rates fluctuate, consumers should prepare for potential price increases across multiple product categories. Staying informed and budget-conscious will be key in navigating these economic shifts.