The tariffs being imposed by the Trump administration could impact consumers and their wallets.
The White House suspended tariffs in Mexico for a month after President Donald Trump and Mexican President Claudia Sheinbaum reached an agreement.
According to the deal, Mexico will position 10,000 National Guard members at the U.S.-Mexico border, and the U.S. will respond with efforts to prevent high-powered weapons from being trafficked to Mexico.
Still, the tariffs could impact consumers, one way being how much they spend at the gas pump.
The pump price is currently $3.02 per gallon, which is lower than last month’s, but that could change.
Insiders believe prices could jump in the coming days.
If the tariffs move forward, you could see an almost immediate five- to 25-cent increase at the gas pump. This could also affect home heating costs, not just gasoline for vehicles. This is under the 10% Canadian energy tariff.
The U.S. imports about four million barrels of gasoline daily from Canadian oil, much of which stays in Michigan and other Rust Belt states.
There are also a lot of questions about how this will impact the auto industry and drivers.
If you’re looking for a new car, you might want to buy it now before prices jump dramatically.
It will affect the supply chain, auto dealers, and your bottom line. Experts hear that estimates are increases between $3,000 and $6,000.
Used car dealers must remain competitive, build customer relationships, and offer better deals than the new car market. However, there are concerns that auction prices could also be impacted.
The tariffs could also affect our prices for grocery store staples, such as produce and alcohol. But exactly how much more could we be spending?
The tariffs that have been paused would affect the prices Metro Detroiters pay for many grocery staples, from produce to alcohol.
Americans could be paying more as a whole as well when we check out.
