As China and the U.S. continue ratcheting up tariffs in a hotly contested fight over trade, consumers in downtown Chicago are bracing to see what it could mean for their pocketbooks.
“How quickly would that come into play at the grocery stores and stuff,” wondered Dylan Blommaert, a Chicago resident. “That’s hard to tell and I think that’s a big question mark for a lot of people.”
“I’m worried about the prices, but again, I’m helpless and I can’t do anything,” added Chicago resident Michael Duck.
China’s Finance Ministry announced Wednesday morning it would impose 84% tariffs on goods imported from the U.S. after it was hit by extensive new tariffs by President Donald Trump’s administration earlier this week. Trump doubled down again Wednesday, raising American tariffs to 124% while temporarily suspended tariffs on at least 75 other countries he said have approached his administration wanting to negotiate new trade deals.
“When you punch the United States of America President Trump is going to punch back harder in the same vein,” said White House Press Secretary Karoline Levitt. “We have had more than 75 countries around the world reach out to President Trump and his team at the White House to negotiate better trade deals for the American worker.”
Illinois Gov. J.B. Pritzker defended farmers producing soybeans among other products in Springfield on Agricultural Legislative Day.
“We’re fighting for a farm bill that restores funding and support for Illinois farmers the harsh cuts to USDA programs proposed by DOGE and the tariffs that the president has put in place are already taking their toll on our rural communities,” he said.
Economists and analysts predict the cost of hundreds of products could rise, from clothing to food to electronics.
“Most products in the United States will be impacted within the first year if there’s not a deal reached,” said Aaron Diaz Bianco, University of Illinois Chicago Finance Department Visiting Lecturer.
While the president has implemented a 90-day pause on many of the announced tariffs, the Illinois Chamber of Commerce weighed in on the new action.
“The Illinois Chamber of Commerce represents business impacted by the recent federal trade policies across virtually every industry sector. The actions taken earlier today to suspend some of the recently implemented tariffs will provide important relief for businesses and workers throughout our state. The business community needs and deserves certainty in order to drive further investment. The Illinois Chamber urges our elected leaders to focus on permanent resolutions, like trade agreements, that spur real economic growth and job opportunities that benefit businesses and families throughout Illinois,” said Lou Sandoval, President and CEO Illinois Chamber of Commerce.
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