President Donald Trump announced far-reaching new tariffs on nearly all United States trading partners Wednesday, raising concerns about triggering broader trade wars and higher prices on goods from automobiles to canned beer to furniture and toys.

Countries seeking to sell goods to the U.S. will now face taxes as high as 54% based on how the White House is calculating duties on U.S. exports, as well as “nonmonetary” trade barriers in response to countries doing things such as manipulating their currencies or serving as “pollution havens.”

Trump signed an executive order instituting a 10% tariff applying to all countries, but key trading partners are set to pay more.

China, one of the United States’ largest trading partners, will be hit with a 54% tariff, the European Union with 20%, India with 26% and Japan with 24%, among many others, NBC News reports.

The tariffs that are set to impose major duties on billions — if not trillions — of dollars in trade.

The president, who said the tariffs were designed to boost domestic manufacturing, used aggressive rhetoric to describe a global trade system that the U.S. helped to build after World War II, saying “our country has been looted, pillaged, raped and plundered” by other nations.

The steep tariffs are raising consumer fears that higher prices are on the way, both because the cost of tariffs is often passed on to consumers and ramping up tariffs on foreign governments frequently draws retaliation.

Follow live coverage of the response to the tariffs here.

Tariffs are taxes on imports collected when foreign goods cross the U.S. border via Customs and Border Protection. The money — about $80 billion last year — goes to the U.S. Treasury to help pay the federal government’s expenses. Congress has authority to say how the money will be spent. When Trump announced the tariffs, he said he wants to boost manufacturing in the U.S., reduce taxes and pay down the national debt.

Companies or entities that import goods into the U.S. pay the tariffs on those goods. Economists say at least some of those costs will be passed on to consumers.

The 10% tariff is set to go into effect on Saturday, April 5. The steeper “reciprocal tariffs” are set to go into effect on Wednesday, April 9.

The widespread tariffs cover everything from your bedding, furniture, smartphones, computers and lithium-ion batteries.

Consumers in the U.S. buy a lot of stuff imported from abroad. In fact, the U.S. is the largest goods importer in the world, and imports totaled $3.2 trillion in 2022, according to the Office of the United States Trade Representative.

The Trump administration’s 10% baseline tariff plan is set to make all imports more expensive. But certain categories of goods, including automobiles and alcohol, and certain countries, including China and Vietnam, will face higher tariffs.

From China and Vietnam, the top commodities coming into the U.S. include machinery parts, footwear and textiles. Some household names will feel the pinch from Vietnam tariffs, including Wayfair, American Eagle and Nike.

From the European Union, the U.S. imports pharmaceuticals, including those very popular weight loss drugs, wine and IKEA products.

Here’s a look at some industries and types of goods that could get substantially more expensive.

Alcohol

The Trump administration levied a 25% tariff on all U.S. beer imports, affecting Mexican Corona, Dutch Heineken and Irish Guinness.

While industry experts were relieved that Trump’s threats of a 200% tariff on European alcohol did not materialize Thursday, along with 25% tariffs on Mexican tequila and Canadian whiskey, they warned the tariffs will likely still hit sales among U.S. drinkers for European makers of wine and spirits, which amounted to 2.9 billion euros ($3.18 billion) in exports last year, NBC News reported.

Automobiles

The sweeping plan includes a 25% tariff on foreign-made cars. The news has the industry spinning, especially since U.S. auto manufacturers rely on an integrated supply chain.

Now, local car dealers are trying to figure out what this is going to look like for customers who walk into the showroom, said Rob Smith, president of Montgomery County’s Fitzgerald Auto Mall.

Some automakers have already indicated they’re prepared to raise prices on cars they sell to dealers as early as Thursday. News4’s Jackie Bensen spoke to the head of one of the largest auto dealers in the D.C. area about what you might be seeing the next time you head to a showroom.

“Got about 15 different brands that we’ve got to keep track of,” Smith said. “Some of them have said they might just absorb it and reduce and not have any incentives, like rebates or special APR. Others have said, ‘We’re going to add a line to the sticker on the car. The MSRP will have another charge labeled the tariff charge,’” he told News4.

Even those who already own a car will be affected. On May 3, a tariff on foreign car parts, including engines, transmissions and electrical components, is scheduled to go into effect.

Cheap clothes, electronics and more from Shein, Temu and other low-cost retailers

Trump on Wednesday signed an executive order shutting the de minimis trade loophole, effective May 2, NBC News reported.

The trade exemption allows shipments worth less than $800 to enter the U.S. duty-free.

Use of the de minimis provision has exploded in recent years as shoppers flock to Chinese e-commerce companies Temu and Shein, which offer ultra-low-cost apparel, electronics and other items. U.S. Customs and Border Protection has said it processed more than 1.3 billion de minimis shipments in 2024, up from over 1 billion shipments in 2023.

Goods that qualify under the de minimis exemption will be subject to a duty of either 30% of their value, or $25 per item. That rate will increase to $50 per item on June 1, the White House said.

Fruits and vegetables

The U.S. imports approximately 60% of its fresh fruit and 40% of its fresh vegetables, mostly from Mexico, NBC News reported.

Footwear

Nike manufactures about half of its footwear in China and Vietnam, with about 25% coming from Vietnam. Trump will put a 34% tariff on top of existing 20% duties on imports from China, for an apparent rate of 54%, a White House official told CNBC.

Nearly a third of footwear imports in the U.S. came from Vietnam in 2023, the most recent full-year data available, according to the Footwear Distributors and Retailers of America, an industry trade group, NBC News reported.

Toys

Toymakers have also leaned on Vietnam to make more merchandise that’s imported and sold to kids and adults across the U.S. Hasbro, SpinMaster, Mattel and Crayola are among the companies that work with GFT Group, one of the largest toy manufacturers in the Southeast Asia.

Canadians have long been the top international travelers to the U.S., but since late January, their numbers are declining. News4’s Jackie Bensen reports.

It depends on how businesses both in the U.S. and overseas respond, but consumers could see overall prices rising within a month or two of tariffs being imposed. For some products, such as produce from Mexico, prices could rise much more quickly after the tariffs take effect.

Some U.S. retailers and other importers may eat part of the cost of the tariff, and overseas exporters may reduce their prices to offset the extra duties. But for many businesses, the tariffs Trump announced Wednesday — such as 20% on imports from Europe — will be too large to swallow on their own.

Companies may also use the tariffs as an excuse to raise prices. When Trump slapped duties on washing machines in 2018, studies later showed that retailers raised prices on both washers and dryers, even though there were no new duties on dryers.

A key question in the coming months is whether something similar will happen again. Economists worry that consumers, having just lived through the biggest inflationary spike in four decades, are more accustomed to rising prices than they were before the pandemic.

Yet there are also signs that Americans, put off by the rise in the cost of living, are less willing to accept price increases and will simply cut back on their purchases. That could discourage businesses from raising prices by much.

Edited by Sophia Barnes and Andrea Swalec

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