Tariffs, by nature, are taxes imposed by a government on imported products, which can impact everyday goods and materials that trickle down to affect the consumer on standard products.
As school resumes or approaches for both children and college students, many are wondering how President Trump’s newly imposed tariffs will impact the prices of school supplies. There is a 15% tariff on all goods imported from the EU, Japan and South Korea, along with tariffs ranging from 15% to 20% on goods imported from countries such as Taiwan, Vietnam and Bangladesh.
The short answer is yes. Rashid Al-Hmoud, chair of the Department of Economics at Texas Tech University, shared with EverythingLubbock.com that these imposed tariffs will have a direct or indirect impact on consumers. This impact could be felt through finished products, such as backpacks, or through the materials used in some goods, like aluminum or steel.
“Tariffs on finished products like a backpack, a binder, an index card, pencils, pins, bedding, pillows, whatever it is that kids who are moving to college have to buy to, you know, get their dorm room ready for the semester. Tariffs impact all these. It trickles down,” he said.
Dr. Al-Hmoud explained that families will start to notice rising prices in stores. He mentioned that a recent study found families spent 7.3% more this year on school supplies compared to last year, before the tariffs were implemented. He also told EverythingLubbock.com that the average tariff rate on school supplies was 5% a year ago and has surged to 18%, almost quadrupling what it used to be.
“It looks like these tariffs are finally showing up on the street and are they’re finally hitting consumers’ wallets,” he said.
https://www.everythinglubbock.com/news/local-news/tariffs-impact-school-supplies/
