You may be wondering when your cost of living is going to go down amid a move by the Donald Trump administration concerning its controversial tariffs. On Nov. 14, the White House announced it was reversing course and rolling back some tariffs.
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Products no longer subject to tariffs include beef, tea, coffee and fruit. While consumers may want to see savings immediately, some economists told NewsNation prices are likely to fall slowly. GOBankingRates talked to a financial expert who expects similar changes.
Also find out how much these popular items have jumped in price due to tariffs.
Savings To Add Up
“I wouldn’t expect anything dramatic overnight, but when import costs drop, the pressure on retailers eases and that tends to trickle down,” said Taylor Kovar, certified financial planner (CFP) and CEO of 11 Financial. “For the average family, the savings might look like a few dollars here and there each week, which adds up over time. It is not life changing, but it does help take a little sting out of the grocery bill.”
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Feelings To Celebrate
According to Kovar, the bigger impact is psychological.
“When you’ve spent years watching everything go up, even small drops make you feel like you can catch your breath again,” Kovar said. “I recommend paying attention to unit prices and stocking up on the items you know you use when they dip. If your budget has been tight, those small wins matter.”
Pressure on Leaders
Speaking of wins, the White House is hoping to please more voters as it faces growing pressure amid cost-of-living concerns. At the same time, President Trump has maintained his party is one of affordability, and he has said tariffs aren’t driving grocery prices higher.
As noted by Reuters, Democrats won strong victories in state and local elections in places like Virginia and New York City, where voter concerns about affordability were a key issue.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Tariff Rollbacks on Beef, Coffee and Fruit — Here’s How Much You Can Expect To Save
