How will Trump's new "Liberation Day" tariffs affect the Philadelphia region?
President Trump's sweeping new tariffs
will affect almost every American industry.
The new tariffs Mr. Trump announced on Wednesday, which he dubbed "Liberation Day," will go into effect on April 9. They'll impact
products like electronics, wine and spirits, automobiles and more
.
The imported wine you love from Germany, Italy, France and other European countries? That will face a new 20% reciprocal tariff before it hits the shelves and your glass.
Roger Wilco stores in Camden County, New Jersey, have stocked up as much as they can before Mr. Trump's tariffs take effect by next week.
"There are certain items that we just can't get at the moment," said Ryan Hawkins, who is the manager of Roger Wilco stores. "So there were a lot of international things that we were trying to pull over that just can't get imported."
Mr. Trump is also imposing a 25% tariff on all imported canned beer.
Economic expert Alex Jacquez said Mr. Trump's widespread tariffs are hurting consumer sentiment.
"Consumers are not confident that their finances are going to be better next week, next month, next year, and you're starting to see a pullback in consumer spending," Jacquez said.
Pharmaceutical drugs, one of the nation's top imports, are also facing rising costs.
Large drug distributors may pass those price hikes on to pharmacies, especially for medications from countries like Switzerland, which is subject to a 31% reciprocal tariff under Mr. Trump's plan.
Pharmacist Khai Huynh says small, independent pharmacies like his in Pennsauken will struggle to afford many brand-name and generic prescriptions.
"At the end of the day, you still get the medication," said Huynh, of Lan Phamarcy, said. "I just feel bad for myself and independent pharmacies. They're the ones losing out because the consumers will pay the same price."
"Certainly, some uncertainty in the market, uncertainty in the business community, and eventually businesses don't want to take the hit on this, they don't want this to impact their profit margins," Jacquez said.
Hawkins believes the best he can do as a manager is to offer customers other options.
"Once you break it down and you show them it's nothing else we can do about it, we try to put them on to something new, something you may like," Hawkins said.
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