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Back on April 2, billionaire entrepreneur Mark Cuban told his Bluesky followers, “It’s not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now. From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory. Even if it’s made in the USA, they will jack up the price and blame it on tariffs.”
Now, four months later, that’s exactly what’s happening.
Procter & Gamble (NYSE:PG), the company behind big-name brands like Tide, Dawn, Charmin and Crest, announced in July that it will raise prices on about 25% of its products starting in August. The average increase will be around 2.5%, according to The Washington Post. The company cited a $1 billion annual hit from tariffs as one of the reasons.
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During a media briefing, P&G Chief Financial Officer Andre Schulten said that the increase will be “moderate,” “adequate” and in line with “the typical inflation consumers would experience.”
Retail analysts believe more companies will follow. Walmart (NYSE:WMT), which often sets the tone for industry pricing, has already raised prices on items like toys, kitchenware, and baby gear—products mostly made in China. Tariffs on steel and aluminum are also expected to push up packaging costs for food and beverage staples like beer, coffee, and canned goods.
According to the Tax Foundation, nearly 75% of U.S. food imports are affected by tariffs, including baked goods, fish, liqueurs, and spirits.
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This latest wave of price hikes comes as many Americans are already struggling to keep up. A recent Century Foundation survey found that 61% of Americans say the Trump administration has made their cost of living worse. The survey revealed widespread financial anxiety: 41% said they’ve had to dip into savings, 37% have used credit cards to pay bills, and 25% have skipped meals in the past year.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
