Prices of These Essential Items are About to Skyrocket in NJ

Tariff has become a popular word these days.

Let's dive into what a tariff is and how it will affect our bank accounts.

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The new tariffs, which went into effect yesterday, will raise the prices of groceries, remodeling supplies, electronics, and more.

There is still much uncertainty about the President's plan to use tariffs to increase the United States' competitiveness. It's also ever-changing.

This whole situation warrants doing research and educating yourself. I know I learned a lot.

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What is a tariff?

According to Time Magazine:

Import tariffs, the kind of tariffs Trump is levying, are taxes placed on goods imported from other countries. There are also export tariffs, which are taxes on goods brought out of a country, though these are much more rare. There are several different types of tariffs, and the kind that Trump is imposing is known as an “ad valorem tariff”—meaning the tax on imported goods is calculated as a percentage of the product’s value.

We don't know how all these negotiations will play out.

Regardless of politics, we should all be hoping that they go well.

A 25% tariff has been placed on goods from Canada and Mexico and 10% on Chinese products. As of this writing, Canada has put a retaliatory 25% tariff on the United States.

These countries will likely have to raise the price of their goods to pay for the tariff.

We, the consumers, will feel that cost. President Trump even said that we could "feel some pain."

ALSO READ: These are the Three Most Expensive Grocery Stores in New Jersey

Some products we know originate primarily from these three countries, but some genuinely surprised me.

These tariffs will likely affect product prices in every area of our world.

Here are specific items that could see a significant price rise soon.