Economists and business owners expect price hikes for consumers on Long Island as the threat of tariffs on goods from Canada and Mexico looms.

Prices could go up on more than a dozen of products including food, beer and alcohol, fuel, cars and car parts, steel, lumber, furniture, electronics and home appliances.

Hofstra University Economics Adjunct Assoc. Professor Dr. Martin Melkonian says tariffs on Canadian and Mexican imports will hurt consumers' wallets.

"It's certainly going to make the cost of living significantly higher for the average consumer,” he said.

Local grocery stores, like Iavarone Bros., say they hope to avoid raising prices on their customers.

Iavarone Bros. Wantagh Store Manager Jon Iavarone says high demand on certain goods could force them to raise prices.

"Valentine's Day and Super Bowl are coming up. You're going to see your avocados, your strawberries, your fresh flowers go up,” he said. "Customers can expect prices to go up a little bit."

Canada provides the United States with roughly 20% of the nation's lumber.

Sherwood Lumber COO Kyle Little says higher import costs and steady demands could create a perfect storm.

"With less supply and more demand long-term, that's going to create higher import costs, particularly in lumber,” he said. "Remodel costs are going to go up. So you might buy that home and you might not get everything that you want, and you might have to wait a little bit longer than you anticipated to go and do some of those projects."

Melkonian says the tariffs could reduce the trade deficit and bring back some manufacturing jobs, but warns about prolonged use of these tariffs.

"Foreigners will react by forming different trading groups, which could be to the long-term detriment to our country,” he said.

Economists say consumers could spend about $1,000 more a year if these tariffs stick around.

Canada and Mexico said Monday that the tariffs will be postponed by at least 30 days.