President Donald Trump has announced a sweeping new set of tariffs on imports from 60 countries, sparking fears of significant price hikes on a wide range of consumer goods. The tariffs, which range from 10% to nearly 50%, will impact supply chains across industries, including tech products, clothing, food, automobiles, and more.

The move has been met with criticism, with some experts describing the plan as "short-sighted" and having "no basis in logic." The tariffs will likely have a significant impact on the US economy, as the country is the world's biggest importer, bringing in trillions of dollars of goods every year. Relatively little is produced in the US, making the country heavily reliant on imports.

The tariffs will affect a wide range of products, including tech gadgets, clothing, food, and automobiles. For example, Apple, which has been working to diversify its supply chain by moving manufacturing to India, will see its Indian imports slapped with a 26% tariff. The tariffs will also impact online retailers that rely on cheap imports from countries like China, such as Shein, Temu, and Amazon Haul.

The Trump administration has claimed that the exporting nation will foot the bill for the tariffs, but this is not how tariffs work. In reality, the costs will likely be passed on to retailers and ultimately consumers, leading to higher prices. The New York Times reports that the figures on the chart include a 10% "baseline" tariff, meaning the additional hike on Chinese products is 24%, plus 10%.

In addition to the tariffs, Trump also signed an executive order closing the de minimis exemption, a little-known carve-out that allows packages valued under $800 to enter the US duty-free. This move could destabilize the business model of online retailers that rely on cheap imports.

The massive taxes on imports are reportedly in addition to existing tariffs the Trump administration has levied on imports. He's also separately added taxes to vehicles and imports from top US trading partners like Canada and Mexico. The move is likely to spark a trade war, with other countries potentially retaliating with their own tariffs.

The impact of the tariffs will be felt across the US economy, with consumers likely to bear the brunt of the costs. The move is also likely to have significant implications for the tech industry, which relies heavily on imports of components and finished goods. As the situation develops, it remains to be seen how companies will adapt to the new tariffs and what the ultimate impact will be on the US economy.

In the meantime, experts are warning of the potential consequences of the tariffs, including higher prices, job losses, and a slowdown in economic growth. As the US navigates this new trade landscape, one thing is clear: the impact of Trump's tariffs will be felt far and wide.