His second term has already been marked by aggressive trade moves, and while he’s labeled the initiative ”Liberation Day” for the U.S., the fallout is expected to hit shoppers where it hurts: their wallets.

6 key items

“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter,” Trump wrote on Truth Social on July 8.

Despite what many people think, tariffs aren’t actually paid by foreign countries or their companies. Instead, it’s American importers — U.S. businesses bringing