How Tariffs Could Impact You

In April 2025, the federal government introduced a new tariff policy that may impact businesses and consumers across the country. Understanding how tariffs could impact you is crucial, as the policy imposes a 10% base tariff on all imported goods, along with additional tariffs targeting specific countries like China. These changes aim to strengthen American manufacturing and reduce reliance on foreign imports.

So, how will these changes affect both businesses and everyday consumers? Here’s what you need to know:

1. Prices Could Rise on Imported Goods

Many of the products we use daily—such as electronics, clothing, and food—are imported from other countries. With the new tariffs in place, companies will face higher costs when importing these goods. Businesses often pass these increased costs on to consumers, which means that we could see higher prices at stores in the coming months. From groceries to gadgets, no sector is likely to remain untouched.

2. Small Businesses May Face Increased Costs

For local businesses, especially those that rely on imported materials or finished products, these tariffs could have a direct impact on their bottom line. Increased costs might force some companies to raise prices, cut back on their inventory, or change their supply chains. Small business owners may need to adjust their strategies to account for these higher expenses, which could affect their competitiveness in the market.

3. The Long-Term Impact Is Uncertain

The full effects of these tariffs won’t be clear for some time. While the goal of boosting domestic production may lead to job growth in certain sectors, the cost increases may hurt other industries. Some businesses may struggle with higher import costs and supply chain disruptions, while others could benefit from more demand for U.S.-made products. The global economy is interconnected, and these tariff changes may lead to responses from other countries, potentially creating a ripple effect.

At MontanaroLaw, we keep a close watch on legal and economic changes that may affect our clients. Whether you’re navigating the world of business, real estate, or estate planning, these changes could have implications for your strategy and decisions moving forward.

If you believe these changes might impact you, contact MontanaroLaw to schedule a strategy session. Our team is here to guide you through any legal questions you may have and help you make informed decisions in light of these new tariffs.