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4 Things the Middle Class Likely Won’t Be Able To Afford Once Trump Takes Office

Mohammed Badra/EPA-EFE / Shutterstock / Mohammed Badra/EPA-EFE / Shutterstock

President-elect Donald Trump is set to take office for a second time on Jan. 20, and big changes are expected due to his proposed policies. While he has promised the country a shift in the economy, it might not be in the way people expect. Instead of more money in the pockets of Americans, things could get more expensive.

Read More: The Trump Economy Begins: 5 Money Moves the Middle Class Should Make Before Inauguration Day

Try This: 4 Unusual Ways To Make Extra Money That Actually Work

Trump has promised to stick a 10% tariff on global imports, a 60% tariff on goods coming from China and, until his conditions are met, a 25% tariff on Canadian and Mexican imports, which he would enact on the first day of his new term and would likely increase the prices of everyday household items.

“The U.S. imports various electronic devices, such as tablets, smartphones and laptops, from China,” said Anna Yen, CFA, with MoneyLion. “The hike in the import tariffs can result in a price rise of up to 46% on these items. Therefore, they can become less affordable for the middle class.”

But that’s not all. Look for higher prices on appliances, such as refrigerators, blenders and dishwashers. “As it is, these items are expensive enough,” Yen said. “The hike in import tariffs could push their prices further by around 19%.”

Everyday goods aren’t the only things consumers will likely pay more for. Here are four things the middle class might not be able to afford once Trump returns to the White House.

In 2024, 20.8 million people signed up for the Affordable Care Act, per the U.S. Department of the Treasuryand prices are expected to soar under Trump, because he wants to dismantle parts of the ACA.

“Monthly premiums might skyrocket by 20%-30% for middle-class families, pre-existing conditions could once again become a barrier to coverage, many employers might reduce health benefits to cut costs, and prescription drug prices could increase without price controls,” said finance expert Andrew Lokenauth, founder of TheFinanceNewsletter.com.

Americans enrolled in the ACA will likely see cost changes when a key tax credit from the COVID-19 pandemic expires at the end of this year. According to the KFF, if Trump doesn’t renew the subsidies, which cuts costs for millions, premiums could double in some states.

Find Out: How President-Elect Trump’s Win Could Impact Grocery Prices

Pursuing a higher education could cost even more under Trump, and students should start bracing for costly changes, according to Lokenauth.

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