Many business owners said new tariffs revealed by the Trump administration will force them to raise prices.

The White House announced new tariffs against more than 60 countries set to go into effect Aug. 7, with rates ranging from 10% to 41%.

President Donald Trump has said tariffs will force U.S. companies to reshore supply chains and increase domestic manufacturing. Many economists and supply chain experts have said that it could take years and cause prices to go up in the meantime.

Consumers likely to see higher prices

The new tariffs will be paid by importers, but economists said many businesses will pass those prices onto consumers.

"If they are going into effect, then I'll have to raise my prices within the next 90 days, because that will affect my next order," said Katrina Go

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