In early April, claiming to boost the country's domestic economy, President Trump made an executive order to implement new, widespread tariffs. In addition to the 10 percent baseline tariff imposed on all U.S. imports, Trump also announced specific tariffs on a number of important trading partners, such as the European Union, China, and Vietnam, which account for over 40 percent of all U.S. imports. According to a survey taken just after the announcement, roughly 20 percent of surveyed Americans were planning to make purchases because they expected prices to increase as a result of the tariffs.

According to a 2025 survey, nearly half of consumers in the United States intended to switch to more affordable alternatives of their favorite brands if prices rose due to Trump's proposed tariffs on international goods. Another 17 percent would stop purchasing the product altogether.

Prices were expected to change for all agri-food products in the United States due tariffs imposed on China, Mexico, and Canada in 2025. Imported products were expected to suffer the greatest price increases, but domestic products would see prices rise too, mostly due to the fact that stages of the production process might involve raw materials from other countries. Among the domestic agri-food products processed, rice would see the highest price increase, with 4.8 percent, while among imported products wheat would see the highest increase at 14.9 percent.

Procter & Gamble may hike prices amid potential Trump tariffs, with strategies focusing on cost-cutting and supply chain flexibility to address import vulnerabilities.

In the week of May 14, 2025, roughly 44 percent of people in the United States said that they were willing to spend up to five percent more on products. This comes in the wake of trade tariffs that President Trump recently announced.

Audi is weighing the possibility of raising prices as a response to U.S. import tariffs, with a focus on localizing production within North America to alleviate costs.

US Tariff Impact on Market

US tariffs on imported technology components, including sensors and software used in affective computing systems, could increase production costs, thereby raising prices for both manufacturers and consumers. Affective computing systems rely heavily on sensors and speech recognition technology, which are often sourced from global suppliers.

Tariffs could lead to price increases of up to 15% for affected sectors, particularly sensors and software components, impacting the overall affordability of these technologies. This may slow adoption, especially in industries like healthcare and automotive, where cost-efficiency is crucial.

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• Economic Impact: Higher costs due to tariffs could make affective computing technologies less affordable for businesses and consumers, potentially reducing market growth.
• Geographical Impact: The US, as a key market, may see slower adoption of these technologies, especially in the healthcare and automotive sectors, due to price hikes.
• Business Impact: Companies may face margin pressures, leading to reduced profitability or the need to pass on higher costs to end consumers, slowing market expansion.

Key Takeaways:

• The affective computing market is expected to grow at a CAGR of 32.5%, reaching USD 1,130.8 billion by 2033.
• Healthcare, automotive, and advertising sectors are major drivers of market growth.
• US tariffs could lead to a 15% increase in prices for affected technology components.
• Touch-based technology and speech recognition software are dominant segments.
• North America holds the largest market share due to strong technological infrastructure.

Paramount Coffee Company is increasing prices as U.S. tariffs on imported coffee beans strain the Midwest coffee market.

Chipotle CEO Scott Boatwright reveals the company's plan to absorb costs from Trump's tariffs, avoiding price hikes, with efficient sourcing and innovative operations.

According to a 2025 survey, over one-quarter of Americans were planning on making electronics purchases because they expect prices to increase across the country as a result of Trump's proposed tariffs on all imported goods. Of those, 42 percent were between the age of 18 and 24, compared to only 12 percent 55 and older.

US Tariff Impact on Market

The imposition of U.S. tariffs, particularly on Japanese imports, has had an impact on the manga and anime licensing market. Tariffs on merchandise and media products have increased production costs for licensed anime and manga-related goods, which could lead to higher prices for U.S. consumers.

This price increase could dampen the demand for anime and manga products, especially in price-sensitive markets. Furthermore, U.S. distributors and retailers relying on Japanese content may face challenges in securing affordable licensing agreements, as the cost of imports rises.

However, U.S. distributors may attempt to mitigate these impacts by negotiating new agreements, increasing digital content licensing, and focusing on domestic production of anime-related merchandise, which could partially offset the tariff-related challenges. Over time, as the market continues to grow, the long-term outlook remains positive.

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• Economic Impact: U.S. tariffs increase production costs for anime and manga-related merchandise, potentially leading to higher prices for consumers and reducing demand.
• Geographical Impact: U.S. distributors are facing higher licensing and importation costs, impacting their profit margins and the overall affordability of manga and anime products in the U.S.
• Business Impact: Increased costs may lead to fewer affordable licensing deals or higher product prices, which could limit the potential for growth in the U.S. anime and manga markets.

Impact Percentage on Sectors

• Anime and Manga Merchandise: +8-10%
• Content Licensing Agreements: +5-7%

US Tariff Impact on Market

U.S. tariffs on imported components, particularly those used in the manufacturing of vacuum gauges, have led to increased production costs. The tariffs, primarily targeting components sourced from Asia, have caused a rise in the cost of key materials such as sensors, electronics, and mechanical parts.

As a result, U.S.-based manufacturers of vacuum gauges are facing higher costs, which they may pass on to customers, potentially leading to price hikes in the market. This has affected the affordability of vacuum gauges, particularly in industries with tight budgets such as research and development sectors.

Companies are responding by exploring alternative suppliers, increasing local manufacturing capabilities, and diversifying their sourcing strategies. The tariff impact is particularly significant for digital vacuum gauges, which depend heavily on imported electronic components. The U.S. tariff impact is estimated to affect about 15-20% of the market, especially in the digital gauge sector.

Tariff Impact Percentage for Impacted Sector

The U.S. tariffs are estimated to impact approximately 15-20% of the vacuum gauges market, with the digital vacuum gauge sector, which relies on imported components, being the most affected.

US Tariff Impact Data

• Impact on Components: U.S. tariffs increase costs for vacuum gauge components.
• Manufacturing Cost Increases: Price hikes due to U.S. tariffs on vacuum gauges.
• Supply Chain Shifts: Companies exploring alternate suppliers to reduce tariff impact.

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Economic Impact

• The U.S. tariffs have raised production costs for vacuum gauge manufacturers, particularly for digital models.
• Higher production costs could make vacuum gauges more expensive, reducing affordability in research and development applications.
• The market continues to grow, but tariff-induced price increases may slow down adoption in price-sensitive sectors.

Geographical Impact

• North America, particularly the U.S., faces higher prices for vacuum gauges due to tariffs on imported components.
• Asia-Pacific, particularly China, remains largely unaffected, maintaining its cost-effective manufacturing advantage.
• Europe is seeing moderate impacts, but benefits from more diversified supply chains and less reliance on affected components.

Business Impact

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US Tariff Impact on Market

U.S. tariffs on imported components, such as semiconductor chips, AI processors, and cloud infrastructure, have raised production costs for personal AI assistant technology providers. Many of these components are sourced from regions like Asia, where tariff increases have resulted in higher prices for the hardware necessary for AI assistants.

As a result, U.S.-based manufacturers may pass these increased costs onto consumers, potentially slowing adoption, especially among small to medium enterprises (SMEs). The impact of tariffs is particularly significant in the chatbot and customer service application segments, where scalability and efficiency are critical. U.S. tariffs are estimated to affect 10-15% of the personal AI assistant market, with cloud-based AI assistants and natural language processing technologies being the most impacted.

US Tariff Impact Percentage for Impacted Sector

The U.S. tariffs have impacted approximately 10-15% of the personal AI assistant market, particularly affecting chatbot solutions and cloud-based AI assistants that rely on imported semiconductor chips and cloud infrastructure.

Sources for US Tariff Impact Data

• Impact of Tariffs on Semiconductor and Cloud Technology: U.S. tariffs increase costs for AI hardware and cloud components.
• Cost Increases Due to Tariffs: Tariff-related price hikes for AI assistants.
• Adjustments in AI Supply Chain: U.S. companies exploring local production to mitigate tariff effects.

Economic Impact

• U.S. tariffs on critical components have raised production costs for personal AI assistants.
• Increased prices may deter adoption, particularly among cost-sensitive customers and SMEs.
• Despite these cost increases, the market remains robust due to strong demand across various sectors like customer service and entertainment.

Geographical Impact

• North America, especially the U.S., faces higher costs due to tariffs, which could slow adoption in certain applications.
• Asia-Pacific remains largely unaffected by U.S. tariffs, maintaining competitive production capabilities.
• Europe experiences moderate impacts but benefits from a diversified supply chain and reduced reliance on tariff-impacted regions.

Business Impact

• U.S. AI assistant manufacturers face higher operational costs, impacting profitability and pricing strategies.
• Price hikes could limit the adoption of personal AI assistants in smaller businesses.
• Companies are investing in local production and alternative suppliers to mitigate t...

Conagra Brands, facing tariff-induced cost pressures on ingredients, may raise prices to protect margins, while exploring productivity improvements and alternative supply sources.

This data package includes the underlying data files to replicate the data, tables, and charts presented in Why Trump’s tariff proposals would harm working Americans, PIIE Policy Brief 24-1.

If you use the data, please cite as: Clausing, Kimberly, and Mary E. Lovely. 2024. Why Trump’s tariff proposals would harm working Americans. PIIE Policy Brief 24-1. Washington, DC: Peterson Institute for International Economics.

US consumers are preparing for tariff-induced price increases by stockpiling essentials, driven by a significant projected economic impact.

US Tariff Impact on Market

The U.S. tariff policies on semiconductor components, including DRAM chips, have significantly impacted the global DRAM market. Tariffs, particularly on Chinese imports, have led to higher production costs for U.S. companies that rely on Chinese-manufactured DRAM.

These tariffs have increased the cost of DRAM chips, particularly for mobile phones and other electronic devices. U.S. companies that rely on Chinese suppliers for DRAM components have been forced to raise their prices or absorb higher production costs. This has resulted in increased prices for consumers and limited affordability, especially in sectors like consumer electronics and smartphones, where DRAM is a key component.

However, the demand for DRAM in mobile phones, computers, and gaming devices remains strong, ensuring continued market growth despite the tariff challenges. The U.S. tariff impact is particularly significant for the DDR SDRAM and mobile phone segments, where approximately 20-25% of the market depends on imported DRAM components.

Tariff Impact Percentage for Impacted Sector

The U.S. tariff on DRAM components has affected approximately 20-25% of the market, especially impacting sectors like mobile phones and DDR SDRAM, which heavily rely on imported DRAM chips.

US Tariff Impact Data

1. U.S. Tariff Policies: U.S. semiconductor tariffs impact DRAM production costs.
2. Impact on DRAM Prices: Tariffs lead to DRAM price increases in the U.S.
3. Sourcing Changes Due to Tariffs: Companies shift suppliers to avoid U.S. tariffs on DRAM components.

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Economic Impact

• U.S. tariffs have increased DRAM production costs, leading to higher prices.
• Higher prices of DRAM chips may limit affordability in price-sensitive sectors like smartphones.
• The overall market remains strong, but tariff-related cost pressures could slow growth in specific segments.

Geographical Impact

• The U.S. market is facing higher prices for DRAM due to tariffs on imported semiconductor components.
• Asia-Pacific, the primary supplier of DRAM, is less affected by U.S. tariffs, maintaining its competitive edge in manufacturing.
• Europe and other regions experience moderate price increases due to tariffs but benefit from diversified supply chains.

Business Impact

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According to recent projections, the impact of reciprocal tariffs worldwide will lead to a short-term acceleration of prices by 0.71 percent. The U.S. is expected to experience the highest price index increase, estimated at 7.26 percent.

According to a recent survey conducted among furniture retailers, suppliers, and manufacturers, almost 40 percent of them would wait with increasing the prices of goods sold. However, approximately 30 percent of the respondents would raise prices immediately, as a response to the increased tariffs as of April 2025.

Discover how looming tariffs are influencing consumer purchasing decisions, with many opting to buy electronics and essentials before potential price hikes.