How Trump's Tariff Plans Could Impact Your Finances

President-elect Donald Trump's proposed tariffs on imported goods could lead to higher consumer prices and exacerbate inflation, according to economists. The tariffs, which may include a 10-20% universal tariff and a 60% tariff on Chinese goods, could cost the average U.S. household thousands of dollars annually. While the tariffs might generate significant revenue for the government, they are expected to reduce economic growth and result in job losses, as retaliatory tariffs from other countries could harm U.S. exports.