Hold onto your wallets, folks! Starting February 1, a whopping 25% tariff on goods from Mexico and Canada could hit Americans where it hurts: their bank accounts. Think cars, gas, and even your favorite snacks and drinks.

Mexico and Canada are two of the U.S.’s biggest trade partners, making up 30% of all imported goods last year. While the idea is that foreign exporters will pay these tariffs, experts say it’s likely U.S. consumers will end up footing at least part of the bill. Retailers are already bracing for the impact, but there’s only so much they can do to keep prices low.

Here’s where the pinch might be felt the most:

Cars and Car Parts

Mexico sent the U.S. $87 billion worth of vehicles and $64 billion in car parts last year, making them the top imports. Canada also shipped $34 billion in cars. With tariffs, the cost of producing vehicles in Mexico—where wages are lower—could skyrocket. This could mean higher prices for new cars and repairs.

Oil and Gas

Canada is a major supplier of oil and gas to the U.S., with $97 billion worth imported last year. A 25% tariff could hike gas prices by as much as 75 cents per gallon in some regions, especially in the Midwest and Rockies. Say goodbye to cheap fill-ups!

Food and Drinks

Last year, the U.S. imported $46 billion in agricultural products from Mexico alone. That includes avocados, beer, and tequila. Companies like Constellation Brands, which imports Corona and Modelo beer, might have to raise prices by nearly 5%. Even your guacamole could get pricier!

While some industries are trying to prepare, many goods—like fresh produce—can’t be stockpiled or easily sourced elsewhere. So, buckle up, because February might bring more than just chilly weather—it could also bring higher prices for everyday essentials.

Stay tuned to see how this plays out, and maybe start budgeting now—just in case!