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Tariffs are significantly impacting US businesses and consumers. PepsiCo and Procter & Gamble reported lower-than-expected earnings, citing increased supply chain costs and weaker consumer demand driven by tariffs. Home prices are projected to increase by $5,000 due to tariffs. Consumer credit use is rising as prices increase, and empty shelves are a looming possibility as imports decline. While job losses haven't been substantial yet, businesses are planning for potential staff cuts, signaling future economic hardship.

Prepared by Christopher Adams and reviewed by editorial team.