Consumer items set to increase: Expert says ‘This may be the largest peacetime tax increase in our country’s history’

Dr. Allen Lynch, a professor of economics at Mercer University, says consumers should prepare for an increase in prices at popular retail chains like Walmart and Dollar Tree.

MACON, Georgia (41NBC/WMGT) – You may want to grab a few extra items on your next Walmart run.  Experts say new tariffs announced by the Trump Administration could hit your wallet sooner than you think.

Dr. Allen Lynch, a professor of economics at Mercer University, says consumers should prepare for an increase in prices at popular retail chains like Walmart and Dollar Tree.

”The first impact is going to be higher prices, and that’s unavoidable,” he said. “The prices of goods and services in the United States are going to rise.”

Many stores, including Five Below and Dollar Tree, rely on imported merchandise, which means consumers will likely face higher costs for everyday items. 

Dr. Lynch suggests says those interested in purchasing nonperishable goods may want to stock up now before prices increase further.

”We’re probably going to begin seeing price increases over the next few weeks, though, because the markets know that this is happening, and the markets will incorporate this into prices,” he said. “So the price increases are probably coming more quickly than slowly.”

The professor says the tariffs will likely alter consumer purchasing patterns.

”This reallocation of expenditures could make us worse off,” he warned.

Dr. Lynch mentioned that the tariffs could have a negative effect on the value of retirement savings.

Consumers are left wondering when they might get some relief from these rising costs.

“Everyday people are probably going to feel a lot of pain for the next couple of years,” he said. 

While the short run looks negative, he says if the tariffs are successful, they could lead to a net positive in the long run.