President Donald Trump's new tariffs on Chinese products went into effect on Monday. Many Americans are left wondering if they'll end up paying more for the things they buy. Experts predict that the answer is yes. That's because, while free trade generally increases purchasing power, tariffs can reduce it. And although Commerce Secretary Wilbur Ross claims price increases will go unnoticed, others expect the impact on consumers to be more significant. "Things are going to become more expensive because of this added tax," best-selling author and personal finance expert Chris Hogan tells CNBC Make It. "This has the potential to impact a lot of areas that people need day to day to survive or to run their business." The latest round of U.S. tariffs is a 10 percent levy on $200 billion worth of Chinese goods, which is set to rise to 25 percent by the end of the year. That's on top of the $50 billion worth of tariffs on Chinese goods that went into effect in August.

How much more you could pay, and for what

What tariffs do in theory—and in practice

The intent of a tariff, or a tax placed on imported goods, is to benefit domestic companies by making their product more affordable than a foreign alternative. If a car manufacturer suddenly needs to pay a 25 percent tax to import steel, in theory, it will purchase steel from an American supplier instead, and that will benefit the American economy and job market overall. However, that's not always how things work out. To offset price hikes, an affected manufacturer might lay off employees or sell its products at a higher cost. For example, Harley-Davidson announced that U.S. tariffs on Canadian steel and aluminum imports could cost the company $45 to $55 million this year, and Weaver speculates that now "your Harley-Davidson motorcycle will likely dent your checkbook for an extra $2,200." "U.S. tariffs on Chinese imports can drive up prices for consumers, squeeze profit margins of the companies relying on those imports, or both," Greg McBride, chief financial analyst at Bankrate, tells CNBC Make It.

What you can do in response to tariffs

When costs go up, Hogan says there are four things you can do. You can simply pay the additional cost. You can shop around for a product from a company unaffected by the tariff. You can buy something used. Or you can wait. "I think we have to slow down and really understand the difference between something we want and something we need," says Hogan. "Upgrading a TV from a 50-inch screen to a 60-inch — that's not a need, that's a want." French says big-screen TVs could increase by hundreds of dollars. If you decide that holding off on a big purchase is your best option, it's not clear exactly how long you'll have to wait. Hogan speculates that tit-for-tat trade negotiations will continue until the second quarter of 2019, at which point new policies could be finalized.