AMERICANS are being urged to rush to the shops to pick up some important and essential items before Donald Trump's sweeping global tariffs kick in.
US citizens will likely have to bear the brunt of their which could leave them paying more for items including shoes, furniture, coffee and even cars.
Trump's have wiped off nearly $2 trillion from the US stock market.
But the defiant president remains confident in his bold and widely criticised move.
Top US companies have voiced their concerns in recent days after being left reeling after Wall Street tumbled on Thursday – marking the worst day for the market since the Covid pandemic.
Shareholders were rocked as the S&P 500 nosedived by five per cent and put the market index on track to have its worst day since September 2022.
Trump insisted his sweeping global tariffs are going well for the American people and will actually lead to a $7 trillion cash windfall.
However, trade experts and top economists predict that a lot of items imported to the US will become more expensive in the coming weeks.
The range of products could include supermarket and grocery items, fashion, furniture and even cars.
Dr. Sung Won Sohn, a leading economist, told the New York Post that staple items not produced in the US will now become much more expensive.
This includes tea, coffee, bananas and even avocados.
Dr. Sohn added: “We import 80 per cent of avocados that we consume in America and those are perishable items, so they will be more expensive immediately.”
Meanwhile, supply chain expert David Warrick warned that industries which rely on global part sharing will be significantly affected.
He said that price hikes in cars can now be expected.
The expert told the Post: “For industries like automotive, electronics, and pharmaceuticals, where global component sourcing is deeply embedded, this will be felt almost immediately.
“Expect higher input costs, margin pressure, and difficult decisions about what gets passed on to consumers.”;
This comes after President Trump's proposed 25 per centon cars and car parts coming from Mexico and Canada.
The memo was dated April 1 but the impact of the tariffs will affect Volkswagen pricing starting April 3.
With Trump's tariffs, each time an auto part crosses a checkpoint it will be taxed.
The proposed tariffs could have a major impact on the auto industry and car companies are struggling to keep up.
A Volkswagen representative told Automotive News that they are still figuring out what the cost will look like per vehicle.
Meanwhile, Ryan Monarch, assistant professor of economics at Syracuse University, added that products whose import is “closer to the final consumer”; will see a sharp price hike.
This includes basic fashion items like shoes and t-shirts, furtuture items and even toys for children.
“The more complicated the product is, the longer it’s going to take for these price increases to show up.”
Americans have been urged to rush to the market and get hold of these items before they quickly become expensive.
TRADE WAR
Since Trump announced his sweeping new taxes on global imports Wednesday evening, furious world leaders have been rushing to respond.
French President Emmanuel Macron has lashed out against Donald Trump's decision to impose sweeping reciprocal tariffs globally.
He dubbed the move “brutal” and “unfounded” – and even suggested the EU should pause investments in the US.
“What would be the message of having major European players start investing billions of euros in the American economy at the moment when they are hitting us?” Macron said during a meeting with French industry representatives.
“We need to have collective solidarity,” he added.
Trump's Treasury Secretary Scott Bessent urged nations to “sit back, take a deep breath, don't immediately retaliate” after the explosive new trade program.
But despite the fears, Trump's inner circle expressed their confidence that the new world order was a win for Americans.
The new tariff rates “prevent cheating” by raising what the US charges on imports to match the fees other countries put on American goods, Trump said.
