Trump's tariffs take effect today. When and how they will affect you

President Trump's sweeping tariffs on dozens of countries went into effect Thursday morning after the clock struck midnight, marking a historic escalation in global trade tensions.The big picture: After a lengthy delay, the levies — as high as 50% — are finally here, and they could start impacting pocketbooks in the months ahead.Some tariffs that have already taken effect have generated substantial income for the government, as the administration has been eager to tout.But a growing number of consumer goods companies, which for months have idled in a trade limbo, are warning they'll have to raise prices as they grapple with tariff-induced cost increases. Driving the news: Trump, in a Truth Social post minutes before midnight Thursday, claimed that "BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"In April, the president announced sweeping "Liberation Day" tariffs, unleashing a cascade of uncertainty and a stock market plunge.Now, as Axios' Ben Berkowitz reported, the administration has opted for a more practical regime, and many countries' towering rates were reset after an erroneous formula used to calculate them was scrapped.But Trump's tariffs are still higher than they've been in decades — and the trade war is starting to appear in inflation data, a sign that tariff costs are being passed on to consumers in specific categories of goods, like furniture and apparel.Read below for more on when and where tariff pain could be felt:When will consumers start to feel the effects of Trump's tariffs?Trump's new tariff rates will cost the average family about $2,400 this year, according to the Yale Budget Lab's calculations. (The administration regularly dismisses the group's work as a partisan calculation.)While economists have been closely monitoring signs of tariff effects, it's still unclear when and how the full impact of the president's levies will be felt. Even Fed Chair Jerome Powell predicted last month that there is still "a long way to go to really understand exactly how" tariffs will impact the economy.State of play: But by June, surveys and anecdotes about price increases had already piled up, Axios' Emily Peck reported. And in the the June Consumer Price Index report out last month, the trade war's effects began to emerge.Inflation is now on the upswing.Yes, but: Retailers had largely been able to maintain availability at normal prices.As noted by the New York Times, economists cite varied reasons for the somewhat limited impact to this point: Many companies raced to stockpile goods ahead of Trump's trade regime. And in some industries, importers place orders from manufacturers months in advance.While it's not obvious how much tariffs will spike prices in the remainder of 2025, higher tariffs are set to lead to higher prices in the months ahead.By the numbers: A May KPMG survey of 300 U.S. companies released last month found that 77% of respondents said their companies are considering price increases of at least 5% in the following six months.What goods and brands may become more expensive?Several brands in recent weeks and months have warned of potential or forthcoming price hikes. Those include:Adidas, which announced late last month that it may hike U.S. prices as it faces cost increases in the second half of 2025;Procter & Gamble, which said the company will raise prices on around a quarter of its products;and several other household names, including Walmart, Ralph Lauren, and Mattel.Follow the money: Steep new levies on Brazil mean coffee drinkers could see a pricier morning cup of joe.Even just a 10% tariff on Brazilian coffee could raise U.S. retail prices 6–8% within 90 days, said Francisco Martin-Rayo, CEO and co-founder of Helios AI.Prices for Swiss coffee and chocolate could also swell, as goods shipped to the U.S. from Switzerland now face a 39% tariff. Consumers shopping for produce aisle goods — like tomatoes, mangoes and avocados — could also see price shocks as tariffs compound climate disruptions.Zoom out: Car insurance rates could also rise more by the end of the year under tariffs as levies increase the costs of imported parts needed for repairs.As new tariffs set in, shoe and other apparel prices could also rise, with the U.S. importing nearly all of its clothing and kicks.And tariff anxiety drove early back-to-school shopping this year. David Warrick, EVP at supply chain risk firm Overhaul, told Axios' Kelly Tyko that whole retailers front-loaded inventory to delay price spikes, that buffer may expire by late summer or early fall. The bottom line: It takes time for tariffs to work their way through the economy before they hit consumers' wallets, and the long-term impact on America's economy remains to be seen.Go deeper: Trump plans 100% tariff on semiconductors, with big exemption

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