Get ready to pay more. President Donald Trump has fulfilled his promise to impose tariffs on Canada, Mexico, and China.
What does this mean for you? Many items will likely see price hikes in the coming weeks.
If we are talking about cars, insiders expect a new car’s price to jump anywhere from $3,500 to $12,200.
Electronics from China will also increase, which means the price of everything from televisions to cameras could jump.
At your local grocery store, we can expect a 10-20% increase in produce, vegetables, and alcohol.
The Trump administration says the tariffs are needed because the USA is not being treated fairly economically, and more needs to be done by Canada and Mexico to control the influx of illegal drugs (specifically fentanyl) crossing our border.
In the meantime, the auto industry in Metro Detroit is bracing for the possibility of production-related issues.
It’s too soon to tell if this move by Trump will ultimately save us all money, but the stock market isn’t enjoying the uncertainty so far.
Below, you will find a statement from the CEO’s of Ford & Target.
“There is no question that tariffs at 25% level from Canada and Mexico, if they’re protracted, would have a huge impact on our industry with billions of dollars of industry profits wiped out and adverse effect on the U.S. jobs as well as the entire value system in our industry. Tariffs would also mean higher prices for customers.”
Ford CEO Jim Farley
“If there’s a 25% tariff prices will go up. We will have no choice but to increase prices. I expect that will impact consumers within the next couple of days.”
Target CEO Brian Cornell
Previous report can be found below:
