In this episode of Your Personal Economist, Michelle Meyer, Chief Economist at the Mastercard Economics Institute, breaks down what tariffs really mean for your wallet.
While tariffs have dominated headlines, the data reveals a story that is still evolving. Tariffs are driving up costs, influencing product availability, and impacting the prices consumers pay every day.
- Announced tariffs on imports reached historic highs this summer, marking levels not seen since the 1930s
- Tariffs are influencing business costs and shaping supply chains, with effects gradually filtering through to consumers
- Goods inflation is trending higher after cooling in 2024, with vehicle accessories, used cars and apparel showing some of the strongest inflation this year
Tariffs are in the headlines, and for good reason. Even as the full effect on the economy continues to unfold, they could shape what ends up on store shelves and the prices we pay.
Michelle Meyer Chief Economist and Head of the Mastercard Economics Institute
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Episode 8
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