I Asked ChatGPT What Will Get More Expensive When Trump’s Tariffs Go Into Effect, Here’s What It Said
Written by
Nicole Spector
Edited by
Molly Sullivan
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Once an eccentric tech mystery, ChatGPT, the generative AI chatbot by OpenAI, has become a go-to touchstone of wisdom and assistance for the masses. People visit the site for everything from deets on where to find the best bargains available to help on writing cover letters for job applications.
ChatGPT can instantaneously scour news sites and research publications to deliver information in real time. In search of concrete answers about the impact of tariffs on the everyday financial lives of consumers, GOBankingRates asked ChatGPT what will get more expensive when President Donald Trump’s tariffs go into effect. Here’s what it said about tariffs and the prices of certain items.
Toys
ChatGPT noted that toy maker Mattel would be increasing prices on some products in the U.S. to counter tariff costs it would bear.
“Given the volatile macroeconomic environment and evolving U.S. tariff landscape, it is difficult to predict consumer spending and Mattel’s U.S. sales in the remainder of the year and holiday season,” Mattel said in its Q1 2025 earnings release on May 5.
Apparel and Footwear
ChatGPT pointed to insights provided by the National Retail Federation (NRF) regarding price hikes on apparel and footwear in the face of tariffs. On Nov. 4, 2024, the NRF published research that found consumers would pay $13.9 billion to $24 billion more for apparel and $6.4 billion to $10.7 billion more for footwear.
Electronics
Given the U.S. electronics industry’s heavy reliance on products and parts made in China, it’s no surprise that tariffs will drive up prices in this category. ChatGPT referenced the Consumer Technology Association warning published last January that tariffs could cause the prices of laptops and tablets to potentially rise by up to 45%. Smartphones could go up by 25.8% and video game consoles could go up by 39%.
Home Construction and Furniture
Next, ChatGPT addressed the likelihood of rising prices on home construction projects/materials and furniture. It pointed to the fact that the U.S. imports 30% of its softwood lumber from Canada, a critical material for home construction. ChatGPT quoted, “tariffs on this lumber could increase construction costs by $3 billion to $4 billion, potentially raising home prices and affecting housing affordability.” This quote came from a post on the National Association of Homebuilders’ website, which was updated on March 7.
Alcoholic Beverages
ChatGPT highlighted that a lot of alcohol, such as tequila and whisky, come from Mexico and Canada. Tariffs are likely to hike up prices here — not only on the products, but also on related services. A report by Avara published on March 2 provided a deep dive into how the alcohol industry has already been rattled by tariffs.
Gasoline
ChatGPT picked up that gasoline prices will increase in light of tariffs.
“Although oil tariffs are set at 10%, disruptions in crude oil imports from Canada could lead to higher gasoline prices, as U.S. refineries rely on this specific type of crude oil,” the generative AI chatbot relayed. This issue has been widely reported and speculated on. On March 25, American Action Forum discussed America’s reliance not only on Canada for gasoline, but also on Mexico.
More From GOBankingRates
Sources
- Seeking Alpha, “Mattel, Inc. 2025 Q1 – Results – Earnings Call Presentation.”
- NRF, “Estimated Impacts of Proposed Tariffs on Imports: Apparel, Toys, Furniture, Household Appliances, Footwear and Travel Goods.”
- Consumer Technology Association, “How the Proposed Trump Tariffs Increase Prices for Consumer Technology Products (January 2025).”
- National Association of Homebuilders, “NAHB Secures Lumber Inclusion in Delay of Mexican and Canadian Tariffs.”
- Avalara, “How new tariffs will impact the beverage alcohol industry.”
- American Action Forum, “U.S. Oil and Gas Tariffs on Canada and Mexico: What Are the Implications?“
