Nicole Spector

Wed, May 14, 2025, 12:47 PM4 min read

Panic, dread and confusion are running high as President Donald Trump made good on his promise to impose tariffs on imported goods. Eighteen countries and the European Union, which comprises 27 countries, are paying a minimum of 10% in tariffs, but those classified by Trump as the “worst offenders,” which is most of them, are paying more.

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On April 5, 2025, the 10% baseline tariffs went into effect on the following countries: United Kingdom, Singapore, Brazil, Australia, New Zealand, Turkey, Colombia, Argentina, El Salvador, United Arab Emirates and Saudi Arabia. Custom tariffs for “worst offenders” went into effect on April 9. These groups pay an elevated rate: European Union: 20%; Vietnam: 46%; Thailand: 36%; Japan: 24%; Cambodia: 49%; South Africa: 30%; Taiwan: 32% and China: 104%.

Americans of all wealth statuses are concerned about the impact of tariffs on the prices of various goods, but members of the middle class and below have the most reason to be. A recent study by The Budget Lab found that the tariffs enacted on April 9 would cost an average family an extra $4,700 a year — an amount of money that many households cannot afford to part with.

How can the middle class “tariff-proof” their wealth? Let’s see what financial experts recommended.

The first thing you need to do to protect your wealth amid tariffs is to prioritize essential expenses — even more so than you do now. You should also ensure your emergency fund is well funded (six months of living expenses set aside).

“Focusing on necessities like housing, food, transportation and healthcare can help maintain stability when prices start to climb,” said Einat Steklov, co-founder and CEO at Kashable. “It’s also wise to set aside a small ‘rainy day’ amount whenever possible. Even a modest emergency fund can act as a buffer when costs exceed what was originally budgeted, helping to avoid high-interest borrowing or delayed bills.”

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You’re probably no stranger to budgeting — much of which hinges on being able to predict as many incoming expenses as possible. Right now, we’re in a little bit of a limbo as we haven’t yet seen just how profoundly we’ll feel the impact of tariffs. We know costs will go up on many everyday items, and we know some retailers are being very upfront about raising prices, but we don’t have 100% transparency. Though we can’t accurately predict how our budgets will be hit by tariffs, we can respond by analyzing our budgets each and every month.