American consumers will end up paying extra dollars due to Donald Trump's tariffs, claim experts
Donald Trump moving full steam to impose tariffs on Canada and Mexico, American consumers may soon suffer due to the high costs of everyday products.
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While the tariffs are currently delayed for a month, experts claim that the taxes will raise costs for consumers, especially in areas like food, automotive, and energy, according to Fox Business.
Rising prices across industries
According to Scott Lincicome, VP of general economics and trade policy at the Cato Institute, perishable foods are likely to skyrocket from these tariffs, including tomatoes. He said «there aren't really suitable replacements whether in the US or abroad. Given that grocers in the US have very low-profit margins, you would inevitably see any sort of tariff on Mexican avocados,» as quoted by Fox Business.
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According to Fox Business, auto prices could rise, as the interdependent North American auto supply chain would likely face higher production costs, which could add anywhere from $1,000 to $6,000 to the price of a new car.
Energy prices may also increase, with estimates that gas prices could rise by as much as 70 cents due to tariffs on Canadian crude oil.
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