Here’s what will get more expensive from 25% tariffs on Mexican and Canadian goods
CNN
President Donald Trump said Monday he still intends to move forward with an across-the-board tariff of 25% on Mexican and Canadian goods, though he said those levies would come on February 1 rather than his previous day-one threat, Trump said in an Oval Office signing ceremony.
President Donald Trump said Monday he still intends to move forward with an across-the-board tariff of 25% on Mexican and Canadian goods, though he said those levies would come on February 1 rather than his previous day-one threat, Trump said in an Oval Office signing ceremony. The tariffs, if enacted, could strain Americans’ wallets, especially given Mexico and Canada are two of America’s top three trade partners. Collectively, they accounted for 30% of the value of all the goods the US imported last year, according to federal trade data. While Trump claims foreign exporters pay the tariffs, US consumers stand to foot a portion of the bill, too, as retailers are unlikely to fully absorb the added costs. Retailers have taken some preemptive steps to stave off increasing prices, including stockpiling goods and shifting production away from countries that could get hit by tariffs. But those measures may only protect consumers for so long. Additionally, many goods can’t feasibly be stockpiled or be produced elsewhere. Here’s where a 25% tariff on Mexican and Canadian goods could hit Americans hardest: The US imported $87 billion worth of motor vehicles and $64 billion worth of vehicle parts from Mexico last year, not accounting for December, the top two goods imported from there that year, according to Commerce Department data. (December trade data is not yet available.)
