Brace for impact: These 6 bills could skyrocket under Donald Trump's presidency
Trump administration has planned numerous policy reversals, with perhaps the most instant worry being that of tariffs contributing to increasing the cost of living, as per a report. Trump's tariffs on imports from Canada and Mexico, would set costs skyrocketing for Americans.
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Here are six bills that could rise.
1. Grocery bills: Get ready for price increases at the market
Grocery shopping is a pricey excursion already for many American consumers. As per the US Department of Agriculture data, food costs have been consistently rising over the past few years, with hikes of 9.9% in 2022 and 5.8% in 2023.
With Trump's possible 25% import tariff from Mexico, staple foods may get even more pricer. Aprio CIO, Simeon Wallis said, “Many fresh fruits, vegetables and meats, such as avocados, tomatoes and beef, are sourced from Mexico, meaning food costs could rise,” as quoted by GoBankingRates.
2. Car payments: New tariffs might make your car costlier
Buying a car could soon become more expensive due to potential tariffs. As per S&P Global Mobility, a $25,000 car could end up costing an extra $6,250 if 25% tariffs on Canada and Mexico are imposed.
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