6 Bills That Could Skyrocket Under President Trump
Written by
John Schmoll
Edited by
Amber Barkley
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President Donald Trump campaigned on the promise of tariffs. He followed through on that pledge within days of re-taking office, making many Americans concerned about their already-strained budgets. Tariffs aside, changes to trade and social programs could directly impact the monthly bills of Americans. Simply put, the president is implementing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China.
Here’s a rough outline to help you make sense of what could be getting more expensive and why:
- Baseline tariff: A 10% tariff on nearly all imports
- Sector-specific tariffs: 25% Tariffs were also imposed on specific sectors, such as steel, aluminum and automobile.
- Trade war dynamic: Other countries retaliated with their own tariffs on U.S. goods
- China’s tariffs: Tariffs on Chinese goods significantly increased, with the U.S. imposing a 145% tariff on some goods and China retaliating with a 125% tariff.
- Successive tariffs: Some of the tariffs were lifted or adjusted over time, with some trade agreements leading to reduced tariffs on specific goods
Nevertheless, with Trump back in the Oval Office, and seemingly putting your money where his mouth is, these are six bills that could soar.
Grocery Bills
Grocery shopping has become painful for many Americans, steadily increasing over the last few years with an increase of 9.9% in 2022 and 5.8% in 2023. However, there are a few worrying statistics for your wallet, according to the U.S. Department of Agriculture (USDA), coming up in 2025.
For example, prices for food at home are forecast to increase by 3.3% in 2025, slightly faster than the historical average. This predicted rate of increase is higher than in 2024, when it was 1.2% and would affect fresh fruits, vegetables, meats, avocados, tomatoes and beef, as much of this list is sourced from Mexico. Unfortunately, pricing impacts could be immediate.
Car Payments
There seems to also be a sense of impending doom on all dealers’ lots, though the proposed levies have not yet gone into effect. However, that is not stopping some car shoppers from rushing to buy before tariffs jack up the sticker price. It’s estimated that U.S. car dealers currently have a dwindling supply of a couple of months, but just how much prices will skyrocket remains to be seen.
That being said, financing a car could soon be more expensive, also thanks to tariffs. If the 25% tariffs on Canada and Mexico take effect, a $25,000 car could wind up costing an extra $6,250 to the price of the automobile. If you plan on financing your new car, the increased cost will impact your monthly payment. Even if you’re paying cash, you’ll need to save up more before you can buy.
Healthcare
Healthcare isn’t typically cheap. Changes to the premium tax credit reduced pricing for Americans in the Affordable Care Act (ACA) marketplace. However, the enhancements are set to terminate at the end of 2025.
The White House reported its intention to crack down on fraud in the ACA program, such as by making it harder for you to sign up for coverage, potentially reducing enrollment. This could hit a lot of people in the pocket as the ACA, also known as Obamacare, covers approximately 24 million lower-income Americans.
The Trump administration is claiming that regulating or eliminating this coverage in many cases would be taking “critical and necessary steps to protect people from being enrolled in Marketplace coverage without their knowledge or consent, promote stable and affordable health insurance markets, and ensure taxpayer dollars fund financial assistance only for the people the ACA set out to support.”
This could increase costs for most by up to $1,860 annually. Moreover, healthcare costs in general could rise thanks to higher manufacturing costs for these products in addition to higher costs for medical devices and pharmaceuticals.
Gas
Filling up your car at the gas pump could also become more burdensome. Trump ordered 10% tariffs on natural oil and gas from Canada and Mexico, so Americans could be looking at paying significantly more. America receives over 70% of its crude oil from the two nations and will likely experience increased gas costs at the pump thanks to the tariff tax.
Home and Auto Insurance Premiums
Home and auto insurance premiums are a necessary expense for Americans. Sadly, those costs could also soar under Trump, again sparked by tariffs as the costs of building materials and other components increase, which raises the cost of replacing these items.
Utility Bills
Trump announced a targeted tariff to add a 25% duty on aluminum and steel imports, including from Canada and Mexico. During his previous term, he acted similarly, with a 10% tariff on aluminum and 25% on steel. This could directly impact monthly utility bills. Increases to the cost of these materials could impact infrastructure and construction projects, driving up utility rates, which could significantly bump up your monthly expenses.
Final Take To GO: How To Prepare
The bottom line is that preparation is key to mitigating the impact on your budget, especially when it comes to paying for items you have to buy regularly. Next time you are at the store, consider buying non-perishable essentials and durable items in bulk to save some money in the long run. Opting for domestic products, when available, can be another good way to reduce budgetary stress. While you can’t control tariffs, you can plan ahead for the financial effects of proposed changes.
Caitlyn Moorhead contributed to the reporting for this story.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories.
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