Trump tariffs on Canada and Mexico could drive up the cost of these products

Americans could soon be paying more for everything from automobiles to avocados if the Trump administration proceeds with its plan to slap stiff new tariffs on the nation's three largest trading partners starting Feb. 1.

President Trump will impose 25% tariffs on imports from Mexico and Canada starting this weekend, as well as an additional 10% tariff on imports from China, White House spokeswoman Karoline Leavitt said on Friday. 

While Mr. Trump describes tariffs as import duties that are paid by foreign countries, they are in fact paid directly to the federal government by U.S. businesses, according to the Tax Foundation, a tax-focused think tank. Rather than swallowing the costs, corporations typically hike their prices for those imported goods to recoup all or some of the expense.