Tariffs spark price hikes across household goods — and more pain may be coming
What tariffs mean for your wallet
From groceries to everyday goods, new tariffs are already driving up costs — and the impact could hit your household soon. FOX 5's Jodi Goldberg breaks down what items are likely to cost more, how much you could end up paying, and why financial experts say now might be the time to make major purchases.
LONG ISLAND - From groceries to goods, Long Islanders are bracing for price increases driven by new tariffs. Financial experts warn households could spend thousands more annually, prompting some to shop now before prices rise further.
What we know:
New tariffs imposed under the Trump administration are already having a ripple effect on everyday items. Long Islanders are noticing higher prices — and it's expected to get worse. Food staples like bananas, avocados, maple syrup, and beer are among the goods being hit hardest.
Paul Barbieri, the owner of Pino’s Italian Food Market in Dix Hills, said he is now paying more for essentials like cheese, olives, and olive oil — just two weeks after opening.
"We’re not really sure what to expect," said Barbieri. "We’re going to absorb as much as we can until we can't anymore, and if it becomes absolutely mandatory that we have to raise the price, we'll raise it as little as we can."
By the numbers:
- American households may spend an estimated $2,000 to $4,000 more per year due to rising prices from tariffs.
- Food prices could increase 10 to 30 percent, depending on the product and origin.
- Imports impacted by tariffs include not just food, but also goods like wicker baskets, beer, and more.
What they're saying:
Andrew Sirvis, a financial advisor and co-founder of North Fork Asset Management, suggests households may need to change their buying habits.
"The things you buy on Amazon — some of them are gonna cost more, but we’re gonna shift our habits," he said.
Sirvis recommends making large purchases now if you're planning to do so soon: "I would make a big purchase right now if you’re gonna make it anyway within the next couple of months. Now is the time to do it."
What's next:
Experts say the long-term outcome of the tariffs remains uncertain. While some believe the economic strategy will eventually pay off, short-term financial pain for consumers appears inevitable.