Washington, DC — The price of everyday life in America is about to go up. A lot.

US President Donald Trump's latest round of tariffs — slapping a whopping 25 percent tax on imported steel and aluminium — is already sending ripples through the American economy.

From soda cans to cars, homes to household appliances, the cost of things people use every day is set to climb. And businesses, large and small, are sounding the alarm.

"Nearly everyone in the economy is struggling to comprehend wild swings in Washington policies, and their implications for everyday decisions," said Stephen Dover, chief market strategist at asset manager Franklin Templeton.

So, where will Americans feel the pinch most?

Cars: sticker shock

If you were planning to buy a car this year, brace yourself. Automakers depend heavily on steel and aluminium for body frames, engine blocks and components. And now, they will be paying significantly more for those materials.

"It is not easy for American companies that use steel and aluminium in production to find it elsewhere, so we'll see increases in prices. Makers of vehicles will face higher costs, which will be passed on to consumers," Layna Mosley, politics and international affairs professor at Princeton School of Public and International Affairs, told CBS MoneyWatch.

Companies like Ford and General Motors are already warning investors about increased expenses, with Ford's CFO noting in a recent earnings call that the company expects to pass "some of the burden" onto consumers.

Canned foods: Soup prices set to simmer

A simple can of soup, beans, or tomatoes is about to cost more. The reason? That thin metal can is made of steel or aluminium, much of it sourced from Canada, Mexico and China — all hit hard by the tariffs.

For Brooklyn-based brewery Talea, the tariffs on aluminium, which the company uses for its cans, could lead to higher operating costs, co-founder LeAnn Darland said.

Other companies like ConAgra and Del Monte, have already signalled price hikes. Even pet food, which comes in the same aluminium cans, is expected to see increases.

Home construction: Dream house just got pricier

Thanks to higher steel prices, home construction costs in the US are about to get even worse.

Based on initial conversations with builders, National Association of Home Builders Chief Economist Robert Dietz estimates the tariffs, once fully phased in, will add anywhere from $7,500 to $10,000 to the cost of building the average American family home. 

That's on top of the already sky-high construction costs driven by labour shortages and supply chain disruptions.

Soda and beverages: A new 'sin tax'

A cold drink on a summer evening? That'll cost you more, too.

Aluminium cans are an essential ingredient of the beverage industry, but with import prices set to skyrocket, companies like Coca-Cola and Anheuser-Busch are scrambling to offset the costs.

"Coca Cola is preparing to package more of its products in plastic and glass as opposed to aluminium to avoid the higher input costs if the tariffs were to go into effect," Coca-Cola CEO James Quincey told CNN.

Sarah Bryan, executive director of the Maine Brewers Guild, said tariffs could harm American firms. "Our Canadian neighbours have always been friendly and very dear to us. I think it's tantamount to a breakdown of what has always been a healthy, symbiotic relationship," she said.

Washing machine: Laundry to cost more

Trump's 2018 tariffs sent appliance prices through the roof in the US, and it might be happening again.

Back then, Whirlpool raised prices by as much as 20 percent on washing machines and dryers after steel and aluminium tariffs drove up manufacturing costs. Now, the company may repeat history.

Dr Brian Long, the director of supply management at the Seidman College of Business at Grand Valley State University, says Whirlpool uses a lot of steel. "What may happen as a result of this to companies like Whirlpool is they may see their cost of steel go up."

Whirlpool's stock tanked by 18 percent this week, according to data provided by S&P Global Market Intelligence.

What's next?

Economists warn that these price hikes could further fuel inflation just as the Federal Reserve is working to stabilise the US economy. While the tariffs are intended to boost American manufacturing, experts say the immediate impact will be higher costs for consumers.

Already, Trump's tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that wiped out more than $4 trillion from the S&P 500's peak in February. It has now fallen to its lowest level since September in a sign of fears about the future.

A JP Morgan report put the chance of the US entering recession at 40 percent, warning that American policy was "tilting away from growth", while Moody's Analytics upped the odds from 15 percent to 35 percent, citing tariffs.

US Commerce Secretary Howard Lutnick was quick to point out that a recession would be "worth it" to get the US president's economic policies in place, while Treasury Secretary Scott Bessent has spoken of a coming period of "detox" while Trump himself says the economy is in "transition."

With US households and businesses bracing for impact, the big question remains: How much pain can American consumers handle?