The best way to truly determine how tariffs impact you, as a consumer, is have categories of goods - Cars, Food/Groceries, Household essentials that you keep a track of over the next year. As of now you cannot say the US is on an inflationary spiral. The stance from WH is tariffs are a temporary price shift, foreign exporters carry their burden, and recent CPI data show inflation easing. All good in theory, but it comes down to how it plays out in the real world. The consumer class may be the top 10%, but all Americans have to spend on their car, food and household essentials. Moving production from long ingrained supply chains overseas to the US can't be an overnight process so my expectation is a heavy bump over the next year, a mellow period, then a strong reduction and strength returning to the middle class in the latter half of 27-28 going into elections. It will be a drawn out play but rectify a decades old problem that has hollowed out the middle class.
They also imposed a 25% tarrif on South Korea which has a free trade agreement in place with the USA. https://ustr.gov/trade-agreements/free-trade-agreements/korus-fta
