
On Monday, January 20, 2025, Donald Trump will be inaugurated as the 47th President of the United States of America. But not everybody is looking forward to his election day. Trump has been threatening to impose a 10% increased tariff on Chinese imports (on top of the existing tariffs), a 25% tariff on both Mexican and Canadian imports, and a 10% tariff on other imported goods across the board. While Trump’s economic advisor argues that tariffs can improve America’s wealth, and contribute to our defense budget, everyday Americans are much more uncertain. 44% of American respondents in a certain poll stated that they were going out of their way to buy goods now before tariffs were implemented and prices increased, while 62% of respondents stated that they would be changing their financial plans for 2025 to account for higher prices. While tariffs will probably have far-reaching effects in different industries, the impact is clear. Chinese tariffs could make the price of smartphones (already an investment) go up by 26%. Understandably, many Americans are feeling somewhat panicked about the potential changes. (The average American knows we’re already in a recession.)
Tariffs, or a tax on imported goods, would be applied at the border when a business or person based in the United States purchases goods from outside the country, increasing the price of foreign-produced goods and affecting various industries. Trump believes that tariffs would force more domestic manufacturing. But the problem is: many manufacturers still rely on certain products or resources that aren’t as easily accessible within the States. To determine which industries would be most affected by tariffs, 24/7 Wall St. looked at data from The Tax Foundation, Reuters, and other industry-specific news sources. We listed them in no specific order. While these fifteen industries will face new challenges with tariffs, we also acknowledge that these are not the only industries that may be affected.
Why You Should Know About Tariffs

Following the news that Donald Trump was once again elected as President of the United States, people turned to Google to learn what Trump had been talking about on his campaign trail in reference to tariffs. Online searches of “what are tariffs”, “tariffs”, and “Trump’s tariff plans” rose by over 1650%. For many people, tariffs feel — or at least felt, prior to the election — like a distant policy debate. But as we’ll soon find out, tariffs hit closer to home than many people ever realized. Tariffs can reshape industries, drive up costs, and even force businesses to shut their doors forever. This often means higher prices for consumers. Being informed on tariffs helps you better understand how these shape our economy — for better or for worse.
Check out 15 industries that will be most affected by tariffs:
15. Big Box Retail

With everyday items expected to increase by 10-15%, retailers like Walmart have already started to lay the groundwork by hinting at price increases. This will lead customers to purchase goods not impacted by tariffs, costing big box retailers billions in lost sales and unsold inventory. Many people have already struggled to purchase groceries and other items over the last few years as housing, food, and clothing costs rise. The possibility of increased costs leading to store closures is high.
14. Telecommunications Equipment

The impact on telecommunications equipment could be significant for an industry worth around $200 billion. The United States relies heavily on international brands like Nokia and Siemens to build network infrastructure and network components, which will raise prices for US telecom companies by as much as 15%. This would accelerate domestic technology development at a higher cost to businesses based nationally.
13. Aerospace

If EU (European Union) retaliatory tariffs are imposed on the United States, it would greatly impact companies like Boeing. Expect airline costs to rise — like any of us can afford to fly already. In addition, it would decrease America’s global competitiveness against brands like Airbus, costing us tens of billions in lost contracts. The projected cost increase for any tariffs placed on the aerospace industry could be as much as 10% to 15%.
12. Renewable Energy

The renewable energy industry heavily relies on imported solar panels, wind turbines, and other components for products manufactured here. As part of a $200 billion dollar industry, renewable energy equipment costs could go up as much as 16%, which would shift the renewable energy landscape. With climate change reaching new heights, renewable energy and reducing our environmental impact is more important than ever. But we can’t do so if we’re priced out.
11. Plastic and Plastic Products

Given that Canada and Mexico are both responsible for a large amount of plastic materials and products used in packaging, any tariffs could have a big impact. Tariffs would quickly raise costs for any business or consumer industry heavily relying on plastic. Even though the United States has been moving towards increased sustainability and eco-friendly practices, plastics still play a huge part in many areas.
10. Mineral Oils and Fuels

In 2024, Canada continued to be the largest exporter of crude oil and refined petroleum to the United States. If America follows through on a threat to implement a 25% tariff on Canada, it would dramatically increase fuel costs, which could mean higher costs for home and car owners around gas prices (to the tune of at least several cents per gallon) and the cost of heating a home during the winter months. Paired with the “jokes” from Donald Trump about acquiring Canada as the 51st U.S. state, our upstairs neighbor may no longer be as friendly towards us as in the past.
9. Steel and Aluminum

One of the biggest concerns with Chinese tariffs is their impact on the steel and aluminum business. Any impact here would be felt in various industries. While the Trump administration hopes to boost domestic production, automobile companies and those businesses in construction and manufacturing will see a big increase in the cost of raw materials. This could mean that the development or new buildings or complexes might be stalled, should materials become too expensive to acquire.
8. Industrial Equipment

For an industry worth around $250 billion, heavy industrial machinery, agricultural and farming equipment, and machines used to process could affect local manufacturing. The projected increase in machinery cost reaches as high as 20%. Like most things on this list, that cost would hit your wallets — and nobody really wants that.
7. Chemicals

The chemical industry has its hands in multiple areas, from drug development and pharmaceutical manufacturing to the life sciences field. With a global trade value of as much as $350 billion, the chemical industry’s production of industrial chemical compounds and specialty chemicals is incredibly valuable. Tariffs could have widespread implications and increase prices by up to 15%. These costs? Directly passed onto consumers.
6. Electronics Manufacturing

Let’s face it: even if we complain about price, we all love getting the newest smartphone, the most updated computer, and the highest quality electronics. If new tariffs are implemented, electronics manufacturing will suffer some negative ripple effects. According to industry experts, microprocessors, integrated circuit boards, and computer/smartphone parts will experience price increases. This could lead to higher retail costs for consumers by as much as 10-20%.
5. Pharmaceuticals

Over time, increased tariffs could impact pharmaceuticals and their availability — which could be a problem, as issues with medication accessibility has worsened since the coronavirus pandemic. Any additional interruptions could prevent people from receiving their valuable medicine. This would be especially true in Canada, where many Americans purchase drugs without insurance for less than in the United States. If health companies saw tariffs as staying power, it would lead to additional production in the United States, which could raise costs by at least 8% across the board.
4. Fashion and Apparel

Current expectations believe that tariffs on textiles and apparel will average between 15% and 25%. As a result, the fashion and apparel industry will see a big impact. Hundreds of fashion brands rely on China for low-cost production, and any tariffs could immediately raise prices for consumers by at least 10%, if not more, which could have an outsized impact on overall demand.
3. Technology

It’s safe to say that the technology industry is heavily reliant on global trade. Increased tariffs for any country will dramatically impact pricing. In addition to products like semiconductors, internal components will feel a pinch, disrupting the supply chain. Experts predict prices could rise 8-15%, costing consumers $300-$500 billion over one year and costing the industry $50 billion by the end of 2025.
2. Automotive

The automobile industry is highly integrated into global supply chains. Engine components are regularly imported from other countries for production in the United States. Tariffs will unquestionably lead to higher vehicle prices overall, with some experts predicting as much as a $4,000 to $7,000 increase if tariffs are implemented in China.
1. Agriculture

Agriculture relies heavily on foreign trade. Tariffs will likely increase pricing on machinery, pesticides, and fertilizers, leading to higher pricing on specialty fruits and vegetables. Potential impacts of tariffs in the agriculture industry include Brazil gaining a stronger international market share while U.S. farm exports fall by as much as 20%. Soybean farms rely heavily on exports to China, and any retaliatory tariffs could put a big dent in the wallet of these farms.
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