Walk into almost any Asian market in the Bay Area, and you're likely to encounter products imported by Taylor Chow, a local importer who sources food from various parts of Asia. From soy sauce to canned goods, his products fill the shelves of markets catering to the region's diverse communities.

"Most of the soy sauce and rice stick noodle," Chow explained, pointing to his products at a market in Oakland's Chinatown. 

Chow imports food mostly from China, Hong Kong, Vietnam, and Taiwan, selling these items to Asian markets and restaurants throughout the area. But the costs of these goods are rising, and Chow said it's getting harder to keep prices affordable.

"This rice stick, it's coming from China. Before 2018, it was selling for under a dollar. Now, $2.39," Chow said. 

He expects the price of these rice stick noodles to soon exceed $3.

The increase in prices comes as a result of the new tariffs imposed by President Trump. This month, the president announced a 34% tariff on Chinese products, stacking on top of the previous 20% tax. This brings the total import tax on Chinese goods to 54%.

"Our margin is very slim. We have to pass down to the consumers. Consumers pretty soon, they will see the increase," Chow stated.

In addition to Chinese goods, products from Vietnam will now face a 46% tariff, and those from Taiwan will see a 32% import tax. Chow believes this will lead to significant shifts in consumer purchasing habits and business outcomes.

"Consumers will definitely buy less. That means our business will be shrinking," he explained. 

Many market owners are already bracing for the effects, with some planning price hikes once their existing inventory is depleted.

Susan Lam, the owner of a Chinese market, shared her concerns about the impact on her business. 

"They would say, 'Wow, how come you sell too expensive?' I say, 'Well, what can we do?'  When we [buy at higher prices], we have to increase," Lam said.

For small, local markets, these price increases could prove devastating. Lam warned that some smaller shops may be forced to shut down if consumers begin buying less.

The impact of these rising costs will also be felt hardest by senior citizens on fixed incomes. Jennifer Chen, a local shopper, explained the challenge she now faces. 

"I used to shop maybe two, three times [a week.] Now, just one time. Of course, you have to cut down," said Chen. "Your salary doesn't increase. But your groceries increase 50%, that's unsustainable."

For both consumers and importers like Chow, the future is uncertain, with many bracing for tough times ahead. 

"I feel sad and I feel helpless," Chow reflected. 

The road ahead seems rocky and it remains to be seen how long this financial pressure will persist for businesses and shoppers alike.