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( 530344 viewed : 1222 like : 0 comments ) What items will cost more? What to know about Trump's tariffs on Canada, Mexico, and China. President Donald Trump's plan to impose tariffs on three of the nation's biggest trading partners Saturday could have sweeping impact across the world, and raise prices for American consumers.
Trump will impose 25% tariffs on goods from Canada and Mexico, a decision he said he hopes decreases the amount of fentanyl and migrants coming into the U.S. across their borders. The president will also impose a 10% tariff on imports from China. On Friday, Canadian Prime Minister Justin Trudeau said Canada will retaliate and Mexican President Claudia Sheinbaum said her administration is planning a response to Trump's threat — setting the stage for a possible international trade war.
White House Press Secretary Karoline Leavitt confirmed Friday that Trump intended to follow through on his plans, but did not answer exactly how the tariffs could affect American consumers in the grocery store or at the gas pump. I think Americans who are concerned about increased prices should look at what President Trump did in his first term, Leavitt said. He effectively implemented tariffs and the average inflation rate during the first Trump administration was 1.9%.
Economists generally agree that tariffs increase inflation, but they don't always. The tariffs Trump imposed during his first four years in office did not drastically raise prices. However, Trump's first-term tariffs were not nearly as sweeping as his current plan.
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