President Donald Trump's new tariffs on Chinese products went into effect on Monday. Many Americans are left wondering if they'll end up paying more for the things they buy. Experts predict that the answer is yes.
That's because, while free trade generally increases purchasing power, tariffs can reduce it. And although Commerce Secretary Wilbur Ross claims price increases will go unnoticed, others expect the impact on consumers to be more significant.
"Things are going to become more expensive because of this added tax," best-selling author and personal finance expert Chris Hogan tells CNBC Make It. "This has the potential to impact a lot of areas that people need day to day to survive or to run their business."
The latest round of U.S. tariffs is a 10 percent levy on $200 billion worth of Chinese goods, which is set to rise to 25 percent by the end of the year. That's on top of the $50 billion worth of tariffs on Chinese goods that went into effect in August.