Here's where consumers could feel the price pain if Trump's tariffs go into effect
President-elect Donald Trump campaigned on tariffs.
President-elect Donald Trump campaigned on tariffs. This week, he promised even more.
Trump said Monday he intends to impose a 25% tariff on products imported to the U.S. from Mexico and Canada while increasing a previously proposed tariff — as much as 60% — on all Chinese goods by an additional 10%.
The tariffs would be a significant escalation of Trump’s previous proposal, which was already a major increase on more targeted tariffs enacted during Trump’s first administration and kept in place by President Joe Biden.
An estimate from The Budget Lab at Yale shared Wednesday with NBC News found that the cost to consumers from Trump’s proposed tariffs could reach as much as $1,200 in lost purchasing power on average based on 2023 incomes, assuming retaliatory duties on U.S. exports are put into place.
Mexican President Claudia Sheinbaum has already warned that any new tariffs imposed by the U.S. would be met with retaliatory ones by her country. Canada is similarly considering its own options, including possible tariffs on U.S. goods, according to The Associated Press.
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