Okay, let's talk about something you've probably already noticed: things just feel more expensive lately. From the grocery aisle to maybe even thinking about a new car, prices seem to be creeping up.
You might hear buzzwords like "tariffs" floating around, often mixed up with a lot of political noise. But what does it actually mean for your budget right here in Southeast Louisiana?
At OnPath, we watch these shifts closely because, honestly, they impact your bottom line. So, let's cut through the confusion and talk straight about what's happening, why some prices might be changing, and how you can navigate it without needing an economics degree.
Think of tariffs as taxes placed on goods brought into the U.S. from other countries. Recently, there have been some significant changes:
The bottom line? It costs more to bring many goods into the country, and often, that extra cost gets passed along to us at the checkout counter.
Despite the recent 90-day pause on certain tariff increases, the 25% tariff on imported vehicles remains firmly in place. Starting May 3, the tariff will extend to imported auto parts, further impacting vehicle prices and maintenance costs. This policy is expected to raise prices on new and used cars by approximately 10–15%, with luxury models potentially increasing by $10,000 to $20,000.
Smartphones, laptops, and TVs are mostly manufactured in Asia, and the tariffs on Chinese electronics just ballooned to 145%. That $999 iPhone? It might now cost you around $1,119 or more. Gaming consoles, smart speakers, and tablets are also on the rise. Bonus ouch: tariffs on electronic components from Korea, Japan, and Taiwan remain at 10%, so even assembling domestically won’t dodge the price creep.
Coffee, chocolate, wine, canned goods—the fancy stuff and the basics alike—are feeling the heat. Imports from countries like Brazil, France, and Colombia are now subject to a 10% blanket tariff. Even packaging materials like aluminum and plastics are pricier, which means you’ll likely see small upticks on everything from juice pouches to soda cans.
A lot of baby gear is made abroad or assembled with global parts. With some items now facing up to 34% in import duties, safety essentials like car seats and strollers could see a $20–$50 price hike. Almost all toys sold in the U.S. are imported from China. With tariffs hitting toy makers hard, expect higher prices during birthdays, holidays, and back-to-school shopping.
Upgrading the living room or kitchen? Many pieces are imported, and while some major hikes were paused temporarily, that 10% baseline (and higher costs for Chinese goods) still applies.
Roughly 90% of your beauty and hygiene products are imported. From moisturizers to makeup, even basic shampoos and soaps could tick up in price. Expect a few extra bucks at checkout.
Good news: life-saving meds are tariff-exempt. Pharmaceuticals were spared due to their essential nature—so your prescriptions should remain steady in price for the time being.
Streaming services and online entertainment subscriptions remain unaffected. You can still binge-watch your favorite shows and crank up your playlists without worrying about extra charges.
Produce, dairy, meats, and domestically manufactured goods won't see price hikes due to tariffs. So go ahead, splurge a little at your farmers’ market without guilt.
While tariffs are making headlines, there's another quiet conversation happening in Washington that could impact you directly: a push to start taxing credit unions.
Right now, credit unions like OnPath operate as not-for-profit cooperatives. That means instead of paying shareholders, we return earnings to you, our members, through things like lower loan rates, better savings yields, and fewer pesky fees.
A new tax on credit unions would essentially be a tax on the 140 million Americans who use them – including many of us right here. It could mean fewer financial benefits and hit community-focused institutions hard, while potentially benefiting big banks.
We believe strongly in the credit union difference and are advocating for our members. If you feel the same, you can learn more or share your thoughts with Congress at donttaxmycreditunion.org.
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