Consumers are also likely to feel the pinch of tariffs in home buying, Breyault said. The new taxes on building materials are estimated to increase the average costs of a new home by $9,200, according to an analysis by the National Association of Home Builders.

President Donald Trump has said his new tariffs, which start rolling out Saturday, will bring in enough money to "make America wealthy again." "We're going to start being smart and we're going to start being very wealthy again,