Trump's newest tariff threat could raise iPhone, Nike shoe prices

President Trump is likely to further raise tariffs to 25% on Chinese imports by Friday, and prices of consumer products could soon spike.

The big picture: Trump has exhausted his options on taxing items that won't affect American consumers. Electronics, toys and shoes have so far been exempt, leaving the manufacturing industry and farmers to bear the brunt of the trade war. This weekend's expansion could change that.

Estimates show this potential third wave of tariffs will include nearly 3,000 more products that were left off prior lists and an estimated $267 billion of imports, according to a Peterson Institute for International Economics analysis.

Top consumer products affected:

• Tariffs on toys and sports equipment.
• Electronics and electrical machinery including smartphones, computers, TVs, fitness trackers, Bluetooth wireless headsets and drones, CNN reports.
• Footwear like Nike and Adidas.
• Textiles and clothing. Fast fashion clothing stores and retail stores like Gap and Levis that have several factories along the coast.

What to watch: Trump told reporters on Thursday that China President Xi Jinping sent him a letter and they plan to speak by phone to continue trade talks. Though a deal is still pending, Trump said tariffs are an "excellent" alternative.

Go deeper:

• Tariffs on China could hit U.S. hard, too
• The world can't afford a trade war right now