President Trump's implementation of new tariffs is set to increase prices on various consumer goods like clothing, electronics, and furniture, which might put an end to the era of inexpensive products that Americans have enjoyed for the past 25 years.

The White House anticipates that these tariffs will lead to the creation of higher-paying manufacturing jobs in the United States by encouraging companies to move their production operations back to the country. However, this move comes with risks and challenges, such as the widespread automation in modern manufacturing facilities.

Despite Trump's recent decision to delay imposing steep tariffs on many countries for 90 days, the average tariffs in the U.S. remain substantially higher than they were a few months ago. The current trade policies have imposed a 10% tariff on all imports, with significantly higher duties on goods imported from China and other countries like Canada and Mexico.

Economists project that the average U.S. tariff has risen from under 3% before Trump took office to around 20% now, the highest level seen since the 1940s.

The increase in tariffs could reverse the benefits of globalization that have contributed to lower prices for American consumers over the years. The higher duties, along with factors like factory automation and technological advancements, may lead to more expensive products. Experts warn that a move towards more protectionist trade policies could result in inflation and higher costs for consumers in the long term.

Analysts predict that the new tariffs could add an average of $4,500 to the price of cars, with automakers possibly absorbing some of the impact. Reports show that retailers are already adjusting prices to mitigate the effects of the tariffs ahead of time, as indicated by a recent increase in prices for various goods.