Trump has suggested tariffs of between 60% and 100% on Chinese goods, and a tax of between 10% and 20% on all imports from U.S. trading partners, according to recent statements.

The Peterson Institute for International Economics estimates that these tariffs could cost the average U.S. household about $2,600 per year. Products such as electronics and toys, which heavily rely on imports, are expected to see the most substantial price increases. Rob Handfield, a professor at North Carolina State University, indicated that this will have a direct impact on household expenses.

Trump's transition team has responded to concerns about possible price hikes by highlighting the previous administration's tariffs against China, which they claim created jobs and spurred investment without causing inflation. However, experts caution that the proposed tariffs could lead to significant price increases.

Smartphones, tablets, and laptops are among the electronics likely to see a price surge. According to a study by the Consumer Technology Association, laptop and tablet prices could rise by as much as 46%, and smartphones by 26%. Raymond Robertson, a professor at Texas A&M University, pointed out that shifting production to other countries would likely be infeasible due to the tariffs on all imports.

Data from the U.S. Bureau of Economic Analysis in 2017 indicated that imports make up about 90% of video and audio electronic equipment sold to U.S. consumers. Consequently, tariffs could see electronics prices rise considerably, Handfield noted.

Apparel is another category vulnerable to tariff-related price hikes. The U.S. imports more than 80% of its clothing, relying heavily on manufacturers in countries like China, Bangladesh, and Vietnam. A study by the National Retail Federation suggests that the price of apparel goods could increase by as much as 20%, raising the cost of a $50 sweater to $60 and $80 jeans to $96.

Toys, including dolls, stuffed animals, and board games, also face significant price increases if the proposed tariffs are implemented. Handfield emphasized that U.S. toy makers are heavily dependent on China, with about 90% of toys being imported. The National Retail Federation found that toy prices could soar by as much as 55%, reducing U.S. consumer spending power by approximately $14 billion.

Economists admit it is difficult to precisely predict the extent of price increases, as it remains unclear whether companies along the supply chain will absorb some of the additional costs or pass them entirely to consumers. However, current research suggests that many businesses will likely transfer the full cost of tariffs to the consumer, contributing to inflationary pressures.