US President Donald Trump’s new tariffs have finally taken effect, impacting dozens of trading partners worldwide. The move is expected to have far-reaching consequences for businesses and consumers alike.
Trump claimed that the tariffs would bring in “billions of dollars” into the US economy, but experts warn that the impact will be felt by consumers rather than the nation’s coffers. As companies struggle to absorb the costs of increased tariffs, they are beginning to raise prices or signal upcoming price hikes.
The timing couldn’t be worse for American consumers, who are already grappling with rapidly rising prices during the Biden administration. With inflation rates on the rise and the labor market slowing down, another bout of hot inflation could spell trouble.
Source: https://www.axios.com/2025/08/20/sony-ps5-price-increase-trump-tariffs