President-elect Trump's win is already impacting the economy

The ripple effects of President-elect Donald Trump’s win are already being felt throughout the U.S. economy as experts say his policies could have mixed results. “This will truly be the golden age of America,” Trump said in his victory speech early Wednesday morning. The U.S. stock market rallied after Trump’s re-election. Investors are making bets on what his return to the White House could mean for the economy. “There are two aspects to the recent rally on Wall Street. One is the quick resolution of the presidential election and, secondly, investors like the prospect of reduced regulation which may help corporate profits,” said Mark Hamrick, a senior economic analyst for Bankrate.com.But Hamrick said those benefits will likely be uneven.Some industries are already bracing for Trump’s sweeping plan to raise tariffs on imports, which he says will encourage more domestic production. “My message is simple: make your product in America and only in America,” Trump said during a speech at the Economic Club of New York in September. The multi-billion dollar shoe company Steve Madden announced Thursday that it would cut the amount of goods it sources from China by up to 45 percent next year. Trump has proposed a 60% tariff on goods from China and a tariff of up to 20% on other imports.”There is a rush to import right now, and companies are now anticipating whether they need to start raising prices ahead of the imposition of tariffs,” Hamrick said. An analysis from the Tax Foundation found those price increases could be paid by American consumers. “We have estimated that the universal tariff, if imposed at 20%, would increase, on average, the taxes paid by US households by $2,000 a year,” said Erica York, a senior economist at the Tax Foundation. The National Retail Federation released another analysis this week evaluating how Trump’s plans could impact six product categories: apparel, toys, furniture, household appliances, footwear and travel goods. The study found the proposed tariffs would reduce American consumers’ spending power by $46 billion to $78 billion every year the tariffs are in place. Howard Gleckman, a senior fellow with the Urban-Brookings Tax Policy Center, said the financial fallout from proposed tariffs could potentially outpace savings from Trump-era tax cuts that the President-elect wants to make permanent. “For low and moderate-income households, the benefit that they get from extending the Tax Cuts and Jobs Act would be wiped out by the tariffs,” Gleckman said. “For higher-income people, they would still get a bigger benefit from extending the Tax Cuts and Jobs Act than they would from creating the tariffs, but for all of them, the tariffs would reduce their after-tax income.” During his campaign, Trump also pledged to slash taxes on tips, overtime pay and social security. Experts say that would benefit certain groups of taxpayers, but it could also increase the national debt by trillions of dollars. Key provisions in the current tax law, which was passed during Trump’s first term, expire in 2025. It will be one of the first major battles of the new Congress, and the president-elect’s success will, in part, depend on the balance of power. As of Saturday morning, Republicans had secured control of the Senate, but control of the House was still up for grabs. Even with unified control in Washington, some GOP lawmakers may raise concerns about measures that would add to the deficit. As for tariffs, experts say Trump has some power to enact his plans unilaterally, but given the scope of his proposals, he may face legal challenges.