Long-teased tariffs are set to go into effect this week.
On Wednesday, President Donald Trump says reciprocal tariffs are on the table for all countries.
And on Thursday, 25% tariffs on foreign-made cars and auto parts are set to kick in.
The White House says the tariffs will raise hundreds of billions of dollars and spark more companies to produce their goods domestically.
But many economists say consumers will pay the price — including economics professor Keith Maskus.
"In the end, it is pretty much always the domestic consumers that pay almost the full share these tariffs. And again, it's just the way tariffs work," Maskus said.
That could mean higher prices for cars, groceries, housing and other goods impacted by the tariffs.
And those who can afford them the least may feel the pinch the most.
"The share of consumption that low-income households pay for tariffs is much, much higher than it is for middle-income or higher wealthier consumers," Maskus said.
Tariffs on Canada, Mexico and China alone could cost the average household up to 2,000 dollars annually, according to an analysis from Yale University earlier this month.
President Trump is referring to Wednesday as "Liberation Day," but many American consumers are not optimistic about the impact tariffs will have on them.
According to a new CBS News/YouGov poll, 72% of Americans think the tariffs will increase prices in the short term and less than a third believe it will drive prices down in the long term.
This story was initially reported by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
