If you’re thinking of replacing your recliner, upgrading your phone, or buying a new fridge, now may be the time. A new round of steep Trump-era import tariffs is set to take effect on August 1, 2025, potentially raising the cost of many everyday items.

Former President Donald Trump announced the “Liberation Day” tariff package as a strategy to pressure foreign governments and boost U.S. manufacturing. But tariffs are first paid by American importers, and those added costs often get passed down to consumers.

Who will feel it most?
Older adults and retirees living on fixed incomes could be hit the hardest. With inflation already straining budgets, rising prices on essentials will likely increase financial pressure.

Items expected to rise in price include:

• Electronics (phones, TVs, laptops): Heavily reliant on imported components.
• Furniture: Around 75% of U.S. furniture is imported.
• Clothing & linens: Most textiles come from overseas.
• Groceries: Many fruits, nuts, and vegetables are imported.
• Appliances: New tariffs add to past steel/aluminum duties.
• Prescription drugs: A proposed 200% surcharge could spike co-pays.

What you can do now:

• Shop summer sales before August 1.
• Stock up on nonperishables and household goods.
• Fill 90-day prescriptions or use mail-order services.
• Make large purchases now.
• Reassess your fall budget for rising grocery and utility costs.

Bottom line:
Tariffs typically show up in higher checkout prices—not overseas factories. Acting now could help cushion the blow of price hikes set to arrive in August.