It’s not going to ignorable. It’s 10% everywhere, more on Canada and Mexico (?), and something like 150% on China. Who do you think is going to pay the tariff?
Things like rubber, coffee, vanilla, chocolate, diamonds, many plants and fruits (where are we getting our fruits right now?), are all made/grown somewhere else.
Had a friend who was going to China to source bikes. The pictures he bought back were astounding. A massive factory operating 24/7/ probably 365, where all the workers live across the street in what amount to dorms. They bring in steel, aluminum, whatever, and out come bikes. The tire factories were unbelievable. Both had tons of quality control, cameras, etc. China has been building infrastructure like that for decades, while we have nothing close to that. That is not coming back, and if it does, it’s going to be highly automated.
And if prices go up by 10-150% on something where there’s an American source, guess what the American company will charge? You think they are going to keep prices low? Huh! Last time, they just raised the prices to whatever the tariffed price was and made more money. These are corporations, whose whole job is to make more money. If the cost of imported olive oil goes up 10-15%, do you think the US olive oil producers are going to keep their prices down? Why?
I just bought olive oil, coffee, and anything else I think would go up. We’re going to buy used iPhones for the wife and kids before the prices on iPhones double or triple.
As for the coffee, I’m going to leave it whole and in the bag and in the basement. My grinder isn’t great, and since I need 12 ounces at a time, it takes a while to grind. But I have enough for a few months, which should allow the tariffs to be changed 5-10 times again.