Report: Tariffs on China, Canada, and Mexico to Increase Prices of $1.4 Trillion Worth of Goods
Washington : The imposition of tariffs is expected to cause a significant rise in inflation across the United States. According to American media reports, trade tensions with three major countries—China, Canada, and Mexico—are likely to drive up prices nationwide. The tariffs on these nations could make goods worth $1.4 trillion more expensive.
A large portion of American automobiles are manufactured partially in both the U.S. and Canada. The reports further indicate that a 25% tariff would lead to higher car prices. Additionally, the costs of essential goods such as steel, pharmaceuticals, gas, and food are expected to rise.
Moreover, approximately 99% of shoes sold in the U.S. are imported from China. As a result, tariffs will increase the prices of footwear and electronic products arriving from China, further burdening American consumers.