10 Essentials That Will Skyrocket in Price With Trump's Tariffs

Around 80% of the country is middle and lower class. According to the Pew Research Center website, the middle class makes up half of America, with around 30% in the lower class.

With Trump nearing his inauguration day, according to The Guardian, Americans are stocking up before prices skyrocket on essential imported goods we depend on.

Trump has promised to immediately impose a 25% tariff on Mexican and Canadian imports, along with increasing existing tariffs on Chinese imports by 10%. On the campaign trail, Trump said he would put tariffs of 10% to 20% on all imports.

One of the most Googled searches since the presidential election is tariffs, as consumers who thought foreign companies and countries paid them are learning they were misled or didn't understand.

According to MSNBC. President-elect Donald Trump even said on the campaign trail that the word tariff is “the most beautiful word" in the dictionary.

He says he plans to increase tariffs on every partner that trades with the United States. If this happens, then guess who pays? We do.

 Tariffs are not, in fact, paid for by foreign countries. It is the importers, aka the American companies, that pay tariffs. And those companies, universally, end up passing that “tax” onto the consumer in the form of higher prices.

According to MSN, if Trump keeps this campaign promise, these top 10 essentials will be nearly unaffordable for the majority of the country. 

• Groceries
• Healthcare
• Homeownership
• Quality Childcare
• Assisted Living and Elder Care
• Retirement
• College Education
• Home Repairs and Maintenance
• Cars
• Travel and Vacations

It doesn't end there, either. According to the BBC, in many cases, when one country imposes a tariff on another, that country will return the favor, resulting in a trade war.

Meanwhile, according to Business Insider, the running tally of companies bracing for Trump tariffs to raise prices is growing, including one of the biggest in the country, Walmart. From smaller retailers to big box stores and supermarkets, many are even stocking up on inventory or cutting back.