As Trump tariffs kick in, Long Islanders could see higher prices, fewer choices, economists say
A container ship at the Port of Los Angeles on Friday. Credit: Bloomberg/Kyle Grillot
Prepare to purchase fewer goods and services, economists are warning ahead of potentially drastic price increases in the wake of newly implemented tariffs by the Trump administration.
Costs across the board will likely rise, potentially pushing the economy toward a recession as consumers cut back, economists warn. The Trump administration has implemented a 10% blanket tax on imports from nearly all countries, with additional tariffs on 60 nations, AP has reported.
Importers might absorb some of the costs from tariffs, but some will trickle down to the consumer, said Andrew Forman, chair and professor of marketing, international business and legal studies at Hofstra University. Economists warn it might be wise to revisit your budget as the prospect of higher, tariff-induced prices looms.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
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