While the U.S. government has temporarily paused tariffs for 86 countries, President Donald Trump is moving forward with a 125 percent tariff on Chinese imports, a move that could soon hit everyday Americans where it hurts most—their wallets.
President Trump’s tariffs on agricultural goods, steel and aluminum have already put upward pressure on prices, and now many working families are reassessing their budgets.
"I think we are sitting in a good bargaining spot. China, not so much because they sell so much to us and depend heavily on trade. Yes, they'll be resistant at first," said Professor Anthony Greco, an economics professor at the University of Louisiana at Lafayette.
At grocery stores like Rouses in Lafayette, some shoppers said they're already feeling the squeeze.
"There are a lot of people in need, and they are homeless. Some of them can't even buy a pack of meat," said shopper Chelsea Lumpkin.
Lumpkin said that with prices going up, she expects her grocery bill to change drastically.
Experts say tariffs on imported goods like meat and metals could push those prices even higher. That has shoppers like Ricky Courville thinking ahead.
"When I start living on my own, necessities will have to be budgeted and spending will be very tight," Courville said.
Professor Greco said Americans can manage rising costs by making simple changes.
"Consumers can adjust by buying less of those products or using less of them," he said. "That’s the good thing about our economy—we can substitute the majority of those things if we need to."
Even though Greco doesn’t believe the cost increases will be permanent, he said now is the perfect time to create a financial cushion.
"Everybody should budget. It’s a good habit because people often get into financial trouble from overspending," he said.
For those uncertain about what comes next, Greco offered a final tip:
"Just wait it out. I don’t think it will take long for prices to come back down."
The pause on tariffs is expected to last 90 days.
