What Trump's sweeping new tariffs mean for your wallet
ABC NewsLiveVideoLocalShowsGood Morning AmericaShopGMAInterest Successfully AddedWe'll notify you here with news aboutTurn on desktop notifications for breaking stories about interest? Still, they added, the policy puts a major swathe of tariffs on new legal footing and may boost federal tax revenue.Here's what Trump's sweeping new tariffs mean for your wallet and the wider economy:A risk of higher pricesImporters typically offset the tax burden of tariffs in the form of higher prices for shoppers. The new levy, as a result, threatens to strain household budgets at a time when the Iran war is already pushing up prices.Prior to the shift in policy last week, the average tariff rate stood at 11.4%, the Yale Budget Lab (YBL) said.
- ▪ABC NewsLiveVideoLocalShowsGood Morning AmericaShopGMAInterest Successfully AddedWe'll notify you here with news aboutTurn on desktop notifications for breaking stories about interest?
- ▪Still, they added, the policy puts a major swathe of tariffs on new legal footing and may boost federal tax revenue.Here's what Trump's sweeping new tariffs mean for your wallet and the wider economy:A risk of higher pricesImporters typical
- ▪The new levy, as a result, threatens to strain household budgets at a time when the Iran war is already pushing up prices.Prior to the shift in policy last week, the average tariff rate stood at 11.4%, the Yale Budget Lab (YBL) said.
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| Original publisher | ABC News — Top |
| Canonical URL | https://abcnews.com/Business/trumps-sweeping-new-tariffs-wallet/story?id=135050974 |
| Publication time | Mon, 27 Jul 2026 12:30:06 -0400 |
| Retrieval time | 2026-07-27T16:36:29.596Z |
| Last seen | 2026-07-27T16:36:29.596Z |
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| Cluster | 4UetWmfMypi5 · 1 stories |
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| Publisher visit | Yes — open original |
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ABC NewsLiveVideoLocalShowsGood Morning AmericaShopGMAInterest Successfully AddedWe'll notify you here with news aboutTurn on desktop notifications for breaking stories about interest? OffOnStream onWhat Trump's sweeping new tariffs mean for your walletTrump's levies on more than 80 countries took effect on Friday.ByMax ZahnJuly 27, 2026, 12:26 PM8:31Donald Trump speaks during an event with the 2025 MLB World Series Champions the Los Angeles Dodgers in the Rose Garden at the White House in Washington, DC, July 23, 2026.Samuel Corum/EPA/ShutterstockPresident Donald Trump's new round of sweeping tariffs on more than 80 countries took effect on Friday, ratcheting up an effort to reconstruct levies struck down by the Supreme Court earlier this year.Targeted nations face duties of either 10%…
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