Donald Trump’s new tariff plan: What it means for US consumers and the economy
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The tariffs include a 25 per cent import tax on goods from Canada and Mexico, with Canadian energy products facing a 10 per cent tariff.
Additionally, a 10 per cent blanket tariff will be imposed on Chinese imports, adding to the previous 10% levy enforced in early February.
How tariffs could impact prices
The announcement caused temporary volatility in stock markets and disrupted corporate supply chains as businesses and investors assessed its implications. While experts agree that tariffs will likely lead to higher prices in the US, the extent and timing remain uncertain.
Jeffrey Roach, chief economist at LPL Financial, says that small businesses are more likely to pass the costs directly to consumers, while larger companies might absorb some expenses, as seen during Trump’s first term.
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