TULSA, Okla. — The Trump Administration implemented tariffs nationwide, with 10% tariffs on all outside countries and a 125% tariff on China.
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2 News spoke to several people about what they think.
Patricia Erwood said she's had to change her budget because of rising prices.
“Everything’s gone up," she said. "I can't even afford to buy groceries like I used to buy groceries."
She and her puppy go out each day to catch some sunshine, but they've changed a big part of their routine.
“I’ve stopped buying her dog food, and I make her dog food now," said Erwood. "It’s just anything I can do to cut corners.”
Kimberly Pettit is an avid cyclist.
She said she's been doing it for 40 years but is worried tariffs could affect her too.
“Besides groceries, that’s about it, I mean I have an electric car so I’m not buying gas," she said. "I think there’s gonna be a lot going up in price. The electronics, including cell phones, I mean bikes, there’s just a lot- there’s a lot of stuff.”
Bob Healy is from Broken Arrow and echoes the same sentiment, saying groceries have gone up.
“I noticed it with avocados," he said. "It used to be you go to Costco and you buy those little bags of six avocados that were six bucks — it was over 10 dollars.”
2 News took these concerns to Jake Dollarhide, a financial consultant and CEO of Longbow Asset Management.
2 News: “What are some of the things that you think will go up the highest?”
DOLLARHIDE: “Anything we depend on from China, anything we depend on from Vietnam, anything that’s not in the free trade agreement that we depend on from Mexico or Canada.”
In terms of groceries, Dollarhide said tariffs will affect them more in the future if products are made and shipped from elsewhere.
“If someone’s telling you that tariffs are the reason grocery prices are high, they are misled because the tariffs haven’t even floated into the system yet," he said. “Grocery inflation is stubborn because once a price goes up, there’s not always a lot of motivation for them to go down- unless there’s competition.”
Dollarhide has some tips for those trying to keep some money in their wallets when it comes to buying groceries:
- Keep an eye out for good deals and sales
- Don't be afraid to go to more than one store to compare prices for cheaper items
- Take advantage of coupons
Dollarhide said he knows the market is uncertain and we are facing new territory, which is the cause of people's anxiety.
“That is what makes people nervous," he said. "They don’t know where the light at the end of the tunnel is or if there is one.”
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