8 Everyday Items the Middle Class Might Not Be Able To Afford in a Trump Economy
Written by
Jordan Rosenfeld
Edited by
Levi Leidy
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Though it’s been less than two months since Donald Trump took office as president for the second time, he’s already enacted numerous changes that will have significant ripple effects on the economy and Americans’ wallets.
As he proceeds with his campaign promises to impose steep tariffs on goods imported from other countries with whom the U.S. does a lot of business, it will likely increase the cost of a lot of regular goods and services for Americans. According to a 2024 study done by the Peterson Institute for International Economics, these tariffs will cost the average American family an additional $2,600 per year on average — while the National Retail Federation (NRF) says those costs could be more like an additional $7,600 per year.
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Additionally, Trump’s proposals to engage in mass deportation of migrants whose American citizenship may be in question or not yet finalized could be devastating not only to those people’s livelihoods but to multiple industries, including agriculture, hospitality, manufacturing, transportation and warehousing, to name a few, according to the American Immigration Council.
Since the middle class refers to a wide range of incomes stretching from around $50,000 to $150,000, depending on where people fall on that spectrum, some everyday goods and services might become unaffordable; or at least, take much bigger bites out of your budget.
Some Prescription Drugs
The Biden administration was working on ways to lower the already exorbitant costs of prescription drugs for seniors. In his first days as president again, Trump did away with President Biden’s Executive Order 14087, “Lowering Prescription Drug Costs for Americans,” which would have had the Department of Health and Human Services studying ways to reduce these costs for those on Medicare and Medicaid, according to Market Watch.
Cosmetics
Influencers have driven increased sales of cosmetics and beauty cares like never before, with more Americans relying on complex beauty care and cosmetic routines involving multiple products. These may now be about to get a lot more expensive. E.l.f. Beauty, for example, largely relies on manufacturing in China for its beauty products (as do many others), and its CEO told CNBC that tariffs are likely to force it to increase prices, depending on “the magnitude of the tariffs.”
Apparel
Another key area of consumer expenditure that could become too expensive, according to a 2024 report by the NRF, is apparel — all those items you wear on your person from clothes to jackets. They estimate Trump’s proposed tariffs could increase the cost of these items in the range of 12.6% to 20.6%, and that it equals a loss in consumer purchasing power of between $13.9 and $20.4 billion.
Household Appliances
If you’re in the market for a new refrigerator, stove, dishwasher or similar, better buy them sooner than later. If the Trump tariffs are imposed, costs for these items might skyrocket by as much as 19.4% to 30.1%, according to the NRF.
Furniture
These tariffs will also have an impact on furniture, so expect to see the cost of new dining room sets, patio furniture, that new bed or mattress you’re checking out or anything you might add to your home rising in price by anywhere from 6.4% to 9.5%, according to the NRF. These costs will also pass on to industries that purchase furniture, such as hospitality, which could increase hotel costs.
Eggs
If you think eggs are expensive now, that might not be changing under the second Trump administration, and in fact, those costs could even go up. While the high costs of eggs currently are likely related more to the sweeping rise in the bird flu that has forced farmers to destroy numerous flocks, President Trump’s executive orders may also be having an impact that doesn’t help the poultry industry recover quickly. His new administration temporarily halted any/all communications and meetings related to bird flu (and other viruses), a move that has members of the scientific research communities on edge, according to The New York Times.
Imported Groceries
Groceries that are imported from other countries, such as a variety of fruits, coffee, wine and specialty items, could very well become too expensive for the average middle-class household to regularly buy. These goods comprised more than 17% of U.S. food and beverage consumption in the U.S. in 2022, according to data from the U.S. Census Bureau published by the USDA’s Economic Research Service.
Travel-Related Costs
Travel could become out of reach for many Americans under Trump’s proposed tariffs, as well. While the NRF predicts a possible 13% to 21.5% increase on travel goods, because everyone in every industry will be facing higher costs, this will likely increase the costs of hotels that have to put in new furniture, fixtures or other equipment, according to Hospitality Investor.
And while tariffs may strengthen the U.S. dollar, that actually means it will be cheaper for U.S. residents to fly away from the states for vacations, which is not great for domestic hotels and tourism.
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. You can find more coverage of this topic on GOBankingRates.com.
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