Now and then, global economics makes its way into your everyday life.

I’m talking about real impact on the cost of the groceries you pick up each week, the electronics you rely on, or even the materials for your next home improvement project.

Beach Radio logo
Get our free mobile app
Shocked young woman using smartphone with dollar bills flying away from screen
SIphotography
loading...

With the latest developments regarding the President's tariffs on every country in the world, it's worth considering the situation in a nonpartisan way.

First Off: What Is a Tariff, Really?

A tariff is a tax governments place on goods from other countries.

The goal? To make imported goods more expensive, consumers and businesses are encouraged to buy items made in their home countries.

For example, a 25% tariff on a $100 product means an additional $25 in costs just to bring that item into the U.S.

 

Caucasian woman with invoice bills
Rawpixel
loading...

READ MORE: Big National Bank Announces Several New Jersey Closures

That cost doesn’t disappear. It gets passed down, often ending up in the price tag we see.

Why Should You Care?

This stuff matters—especially here in New Jersey.

That’s because many products we use daily are imported to the U.S. or rely on foreign materials.

Once tariffs hit, companies often raise prices to offset those added costs. In other words, you could pay more for the same items because they now cost more to bring into the country.

Even former President Trump acknowledged the potential economic impact when he said Americans may have to “feel some pain” in the short term.

WHERE'S MY MONEY? The Latest Information on NJ ANCHOR Rebates

Busines using a computer to complete Individual income tax return form online for tax payment. Government, state taxes. Data analysis, paperwork, financial research, report. Calculation tax return.
Khanchit Khirisutchalual
loading...

What You Can Do

All you really can do is watch for price changes, shop smart, and consider supporting local businesses.

It's never a bad time to budget, but it's necessary now until we can truly gauge the impact these tariffs will have on us.

Look at some everyday items we buy that will likely increase in price soon due to new tariffs.

Tariffs Likely to Raise the Prices of these Common New Jersey Items

Gallery Credit: Matt Ryan

More From Beach Radio