The Real Cost Of Tariffs For New Yorkers

New Yorkers should get ready to pay much more for the products they buy. Retailers and economists are issuing warnings to consumers that prices, which the new administration claimed were supposed to go down, will skyrocket. As families continue to struggle, the worst may be yet to come.

I was hopeful that when Trump took office, he would keep his many promises to lower the cost of groceries and the cost of living for working families. Unfortunately, the exact opposite has happened. There doesn't seem to be any concern for how his policies hurt New York families.

24/7 Food Recipies says food prices climbed 4.8% in the past year, and much of that is due to trade wars. Some of the food and grocery items the site says will be affected by tariffs are meat, cheese, butter, seafood - 90 percent of what is consumed in the U.S. is imported - and grains, just to name a few.

READ MORE: New Yorkers Brace For Major Changes To Social Security

Retailers Warn Consumers That Shelves Will Be Empty

Walmart shoppers in New York have been put on notice. The retail giant's CEO issued a warning about price increases and empty shelves. Per CBS News, Doug McMillon, the CEO of Walmart, and other retail and grocery leaders had a closed-door meeting with Trump to discuss the impact of his tariffs on American consumers. Target was also involved in the meeting. The retail giants are sounding the alarm that Trump's tariffs are going to take a toll on American families.

What is crazy is that I see a lot of delusional people saying this is fake news or fear-mongering. How many CEOs and economists need to speak facts before a certain group of New Yorkers believes that it's true? While I understand that's disappointing and frustrating that 'your guy' didn't keep his word on making life more affordable, at some point, it's time to acknowledge the truth.

According to Trump's former chief economic advisor (not a Democrat), Gary Cohn, New York families will start to feel the pinch in their wallets in May. He told CBS that he expects the full force of Trump's tariffs to hit consumers in "the last couple weeks of May." He broke down the cycle of shipping for consumers (some of whom still don't understand that we pay for tariffs, not the country the products are coming from).

READ MORE: New Yorkers Should Brace For Empty Store Shelves

Cohn, who led the National Economic Council for a year during Trump's first administration, and who is now IBM's vice chairman, explained,

"What people need to understand is the cycle from a good being sold in China, loaded on a vessel, sailed across the ocean, unloaded in the United States, put in a factory, distributed to a shelf, is about eight weeks in the United States. So if you go back to the April 2nd date when the tariffs kicked in, you're talking about seeing the effect really May 2nd. So I would say the last couple weeks of May you'll start, you'll start seeing this effect here."

I had a recent order cancelled by the seller because of a 247 percent price increase. Consumers shopping on the Chinese retail site TEMU have seen prices increase due to Trump's tariffs. TEMU had previously been exempt from levies under the ‘de minimis’ rule. Starting May 2, packages priced up to $800 will have an added "ad-valorem tax — of 120% of a product’s value — or a per postal item fee of at least $100."

Regardless of the delusions of Trump's supporters, the economic damage caused by Trump's tariffs will hurt New York families.

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