Start Here More Tariffs Are Taking Hold. What Does It Mean for You?
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Aug 1, 2025 Ian Pannell, ABC's chief foreign correspondent, shares on-the-ground insights from Israel, shedding light on the humanitarian crisis in Gaza and the complex challenges facing aid efforts. Heather Long, Chief economist at Navy Federal Credit Union, discusses the impact of recently imposed tariffs, introducing the concept of 'sneakflation' where companies quietly hike prices. Together, they unpack how tariffs are reshaping household finances and the broader economic landscape, with tensions reflecting political pressures from both sides.
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Tariffs Raise Household Costs
- Tariffs settled around 15% for many countries will add roughly $2,000 in costs per household annually.
- Companies often increase prices gradually, a tactic called "sneakflation," making tariff impacts less immediately obvious.
Tariff Impact Is Serious but Manageable
- Current tariff levels are highest since the 1930s but unlikely to cause a recession.
- Many companies are now passing tariff costs to consumers, increasing prices.
Inflation Rising Amid Tariff Pressures
- July and August economic data show inflation creeping up again, despite earlier progress.
- Rising inflation pressures may worsen as tariff cost pass-through accelerates.