President Donald Trump has unveiled his latest tariffs, and they could have significant implications for your wallet.Trump's sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increase prices for everyday items.Stay up-to-date: The latest headlines from KOAT Action 7 NewsThe trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality.Tariffs are taxes on goods imported from other countries. Companies buying foreign products pay the tariffs imposed on them — and, as a result, face higher costs that are typically passed on to customers."President Trump ran around and issued this newest round of tariffs with Chinese imports facing a potential staggering 125% tariff. It isn't just a tweak, this is really a trade sledgehammer that affects everybody, especially here in New Mexico," University of New Mexico Reilly White said."We think about grocery bills at the end of the day. The average New Mexican spends $286 or so per week on this. Though tariffs on Mexico and Canada were paused, imports from countries like, say, Guatemala, where they have bananas, we get a lot of bananas from— Peru and things like grapes, Vietnam in things like seafood, as well as India in things like shrimp and spices could see price bumps down the line," White said. Trump has argued tariffs will protect U.S. industries from unfair foreign competition and raise money for the federal government. But since so much of what we buy today relies on a global supply chain, steeper tariffs mean you'll likely see more expensive prices from the grocery aisle to your next car repair.Will the tariffs affect everyone equally? No. Experts warn that these tariffs could escalate inequities.Low-income families in particular will feel the costs of key necessities, like food and energy, rise with fewer savings to draw on — significantly straining budgets.Follow us on social: Facebook | X/Twitter | Instagram | YouTubeBeyond more immediate price pressures, experts also warn that tariffs could contribute to unemployment or lower incomes down the road.Trump has argued that tariffs will bring manufacturing back to the U.S., but if businesses take profit hits or change their supply sources, there could be layoffs worldwide.Which consumer goods will be affected? Fruits and vegetables, your next phone purchase, a pharmacy order, new clothes, or a trip to a mechanic who uses auto parts made outside of the U.S. could all be impacted.Prices on perishable groceries will likely increase first, because supermarket inventories need to be replenished more frequently. But a range of other items — like electronics, household appliances, clothing and footwear — could also be affected in the coming weeks and months.Overall, experts say you'll need to evaluate your budget and consumption habits for the road ahead.Action 7 News On The Go: Download our app for free