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The economy ranked as most voters’ top issue in this election. But with Donald Trump’s return to the White House, the price of everyday items could get more expensive.

One of the key proposals Trump campaigned on was tariffs on foreign-made goods, which would make a slew of imported items cost more. Trump has argued such a move would bring manufacturing back to the United States, but policy experts resoundingly agree that the consumer overwhelmingly bears the costs of tariffs.

With Trump tariffs instituted, the price of goods that a household needs monthly, from clothing and housewares to consumer electronics, would “go up an average of 1.5 to 5.1%,” according to Yale Budget Lab Director of Economics Ernie Tedeschi.

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With Donald Trump retaking the White House, the stage is set for one of his biggest backers, billionaire Tesla CEO Elon Musk, to wield his newfound political influence, though it’s unclear what role he could play in the administration. Trump referred to Musk as a “super genius” in his victory speech, and the SpaceX founder has embraced the idea of heading a “Department of Government Efficiency” that would aim to cut $2 trillion or more from the federal budget.

MORE: Musk’s willingness to make risky bets with his companies, SpaceX and Tesla, no doubt contributes to his reputation and wealth. And no bet seemed riskier than his high-profile, big-dollar bet on Trump—but whether a billionaire who runs five companies joins a Trump Administration or not, the support will likely mean lighter federal scrutiny of Musk’s businesses.

Shares of Tesla skyrocketed 15% Wednesday, as Musk, the world’s wealthiest person, saw his net worth increase by $21 billion to $285.6 billion, one of a number of billionaires who became richer Wednesday. Wedbush Securities analyst Dan Ives wrote earlier this year that a second Trump presidency would be an “overall negative for the EV industry,” but the financial services firm viewed it as a “huge positive for Tesla” because the company has the “scale and scope that is unmatched” in the industry.

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Trump’s win spiked the value of the U.S. dollar and bond yields, a sign of both investor optimism in strong economic growth and concerns about inflation. “Correct or not, the market views Republican control of Washington as negative for the debt and deficits,” wrote Sevens Report founder Tom Essaye in a Wednesday note to clients. If there is climbing debt, coupled with concerns about the impact on prices due to tariffs, inflation could remain elevated for longer than expected.

All three major U.S. indexes reached new heights Wednesday, with the Dow Jones Industrial Average seeing its largest point gain........

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