President-elect Donald Trump is considering imposing tariffs on imports from Mexico, Canada, and China, sparking concerns about the impact on prices for consumers in the United States. A 25% tariff on imports from Mexico and Canada and an additional 10% tariff on imports from China could lead to higher prices on goods like produce and crude oil. However, some experts believe that any tariffs imposed may be more targeted, such as on crude oil from Canada, with potential offsets from increased domestic production.
University of New Haven associate professor James Mohs explains that tariffs are toll charges on imported goods, aimed at encouraging domestic production and protecting industries. Trump may be using the threat of tariffs as a negotiating tactic to leverage better terms, particularly related to immigration issues. Some shoppers express concerns about potential price increases, while others are confident in their ability to adapt.
Mohs believes that Trump’s economic team may help temper any impulsive decisions, and any tariffs implemented would likely take months to have a noticeable effect. Ultimately, the outcome will depend on the cooperation between the countries involved.
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