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

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

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...

US Tariff Impact on Market

US tariffs on key components of modular data centers, such as servers, cooling systems, and power units, could raise the overall cost of production, affecting the affordability of these data center solutions. As large enterprises, which account for 65.3% of the market, require scalable and cost-effective solutions, the increased costs could lead to a slowdown in demand, particularly for small and medium enterprises that may struggle with higher operational expenses.

However, the growing demand for flexible and energy-efficient data center solutions, driven by IT and telecommunications, could help mitigate the impact of tariff-induced price hikes. Larger enterprises may also seek alternative sourcing strategies to reduce costs, but the short-term impact could affect growth in the modular data center market.

US Tariff Impact on Sectors

• Modular Data Center Solutions: 4%-6%
• Cooling Systems: 5%-7%
• IT Infrastructure: 3%-5%

Economic Impact

Tariffs could increase production costs for modular data center components, raising prices for consumers. This could affect both large enterprises and SMEs, especially in regions with high cost sensitivity. Higher prices may slow the adoption of modular data centers, particularly for businesses with tight IT infrastructure budgets.

Geographical Impact

North America, the dominant region, will experience the most significant impact from tariffs due to its reliance on imported data center components. These increased costs may reduce demand in the U.S., slowing the growth of modular data centers, particularly in industries like IT and telecommunications that rely on cost-efficient solutions.

Business Impact

Companies in the modular data center market may face margin compression due to increased component costs from tariffs. Larger enterprises may absorb the costs, but SMEs could be adversely affected by price increases, resulting in lower adoption rates. This could also slow growth in North America's highly competitive data center market.

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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

US tariffs could significantly impact the global military sensors market, especially as many key components, including software, hardware, and sensor materials, are imported from other regions. A 3-5% increase in production costs could result from tariffs on essential components like semiconductors, optics, and communication devices, crucial for military sensors.

This could raise the overall cost of military sensors, which may hinder the affordability of these technologies for defense contractors, particularly in budget-sensitive markets. Additionally, supply chain disruptions from tariffs could delay production timelines, especially for specialized sensor components used in land-based military platforms and communication/navigation systems.

Although larger defense contractors may absorb these additional costs, smaller businesses may struggle with tariff-related price increases. Despite these challenges, the long-term market growth remains robust, as nations continue investing heavily in defense systems, and technological advancements push demand for more sophisticated sensors in defense applications.

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Economic Impact

• Tariffs could increase production costs by 3-5%, slowing market growth.
• Rising costs may reduce affordability, especially in defense budget allocations.
• Delays in supply chains could hinder the timely delivery of critical sensor components.

Geographical Impact

• North America, the leading region, may face higher costs due to increased component tariffs.
• Supply chain disruptions in Asia could impact the availability of specialized military sensors.
• Other regions may shift production or seek non-tariffed alternatives to mitigate cost increases.

Business Impact

• Manufacturers may need to adjust pricing to reflect increased production costs.
• Smaller companies might face difficulties absorbing tariff-induced cost increases.
• Delays in component availability could impact the timely development of military sensor technologies.

US Tariff Impact Percentage for Impacted Sector

The software and communication/navigation components, which dominate the market, could face a 3-5% increase in production costs due to tariffs on key imported materials, potentially leading to higher prices for military sensors and slowing adoption in price-sensitive defense sectors.

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.

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

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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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 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.

Gold prices rose on April 9, 2025, amidst tariff tensions and market volatility, highlighting gold's role as a safe-haven asset.

A 25% U.S. tariff on pharmaceutical imports could increase drug prices by 12.9%, affecting the industry and domestic manufacturing efforts.