Tariff Price Impact Analysis
Understand how tariffs affect consumer prices, business costs, and economic outcomes across different industries.
Key Findings from April 2025 Tariff Analysis
New April 2nd Tariffs
- •11.5 percentage point increase in effective US tariff rate
- •1.3% short-term price level increase (~$2,100 per household)
- •Lower-income households facing ~$980 annual impact
- •Expected to raise $1.4 trillion over 2026-35
All 2025 Tariffs Combined
- •22.5% effective tariff rate (highest since 1909)
- •2.3% short-term price level increase (~$3,800 per household)
- •-0.9 percentage point impact on GDP growth in 2025
- •Expected to raise $3.1 trillion including retaliation effects
Consumer Goods
+3.8%
April 2025 avg. price increase across categories
+0.7% change from February 2025
Manufacturing
+5.2%
April 2025 avg. input cost increase
+0.5% change from February 2025
Annual Impact
$3,800
April 2025 est. cost per U.S. household
+$3,393 annual increase since January 2025
Industry Price Impact: January-April 2025
This data shows the price impact of tariffs across different industries, comparing January and April 2025 figures. The percentage change shows the significant impact of the April 2nd tariff announcement, especially on apparel and textiles.
| Industry Category | January 2025 Impact | April 2025 Impact | Change |
|---|---|---|---|
| Electronics | 5.2% | 6.5% | +1.3% |
| Apparel | 3.7% | 17.0% | +13.3% |
| Automotive | 2.9% | 3.4% | +0.5% |
| Furniture | 4.5% | 5.8% | +1.3% |
| Food & Beverages | 1.8% | 2.2% | +0.4% |
| Pharmaceuticals | 0.7% | 0.7% | 0.0% |
| Machinery | 6.3% | 7.4% | +1.1% |
Source: TariffTracker analysis of U.S. International Trade Commission data, April 2025. Based on Yale Budget Lab research.
Industry-Specific Price Impact
| Industry | Est. Price Increase | Key Products Affected | Consumer Impact Level |
|---|
Consumer Price Index: March 2025
The latest Consumer Price Index (CPI) data for March 2025 shows the combined impact of inflation and new tariff policies. This data is released by the Bureau of Labor Statistics and represents the most recent official inflation figures.
| Category | Year-over-Year Change | Month-over-Month Change | Index Value (1982-84=100) |
|---|---|---|---|
| All items | 2.4% | 0.2% | 319.799 |
| Food | 3.0% | 0.4% | 337.751 |
| Energy | -3.3% | 0.0% | 275.734 |
| All items less food and energy | 2.8% | 0.2% | 325.933 |
| Apparel | 0.3% | 1.0% | 134.082 |
| Shelter | 4.0% | 0.3% | 411.990 |
| Transportation services | 3.1% | -0.7% | 442.901 |
| Medical care services | 3.0% | 0.6% | 626.888 |
Key Insights from March 2025 CPI Data:
- •Overall inflation moderated to 2.4% year-over-year, with a 0.2% increase from February.
- •Food prices continue to rise at 3.0% annually, particularly in meats, poultry, and eggs (7.9%).
- •Energy prices fell 3.3% compared to last year, helping to offset increases in other categories.
- •Core inflation (all items less food and energy) remains elevated at 2.8% annually.
- •Shelter costs continue to be a major driver of inflation at 4.0% year-over-year.
Source: U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), March 2025.