Economists say new tariffs could push consumer prices while narrowing product choices on store shelves. A 25% tariff on Canadian and Mexican goods could cut U.S. GDP by $200 billion, while a 10% China tariff may reduce it by $55 billion. Trump’s proposed universal tariffs could cost the average U.S. household $3,000 annually in 2025. Although the White House claims tariffs will boost the economy, experts warn of potential trade wars, higher prices, and job losses.