SAN DIEGO (KGTV) — President Trump's 50% tariffs on steel and aluminum went into effect Wednesday, potentially driving up costs for housing and appliances.
The new tariffs could add about $10,900 to the cost of a new home, according to the Building Industry Association of San Diego County.
"We've estimated that tariffs will add about $10,900 to the cost of a home," said Lori Holt Pfeiler, CEO and president of the Building Industry Association of San Diego County.
That translates to an additional $65 on monthly mortgage payments, making homeownership less attainable for many Americans.
"Every time we raise the price by $1000, 115,000 people can no longer qualify for a home. That's significant. We all need a home," Pfeiler said.
The impact extends beyond housing construction to household appliances as well. Retailers are already receiving notices from manufacturers about upcoming price increases.
Joey Suitonu, part owner and general manager of Appliance Alley, showed an email from GE Appliances stating, "Due to extraordinary upward cost pressures affecting our business, GE Appliances will implement targeted price increases."
Consumers could see significant jumps in appliance costs in the near future.
"Maybe something cost you $2000, now it's gonna cost you $3500. That's a big impact on us and as consumers as well," Suitonu said.
The tariffs are also affecting product availability, as many "American-made" products still rely on overseas components.
"It is affecting manufacturing because a lot of things, regardless if they're American made, a lot of the parts are from overseas," Suitonu said.
For consumers in the market for new appliances, Suitonu recommends buying sooner rather than later.
"If they wait, then you're looking at they can be spending another 5 to 100 more than what they would have already spent," Suitonu said.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
