[ad_1]
President Trump is threatening major trading partners with hefty tariffs, including a 25% tariff on items imported from Canada and Mexico and a 10% tariff on additional goods imported from China. These tariffs are said to be necessary due to concerns about illegal immigration and drug trafficking. Matt Priest, CEO of the Footwear Distributors & Retailers of America, warns that these tariffs could result in higher prices for consumers as most footwear sold in the U.S. is imported.
The proposed tariffs could also lead to higher gas prices in the Midwest, as more than 2.5 million barrels of Canadian oil are imported to the region every day. In addition, prices for imported goods like electronics, groceries, and new cars could also see a significant increase. Some speculate that President Trump may be using the threat of tariffs as a bargaining chip.
Iowa Senator Chuck Grassley expressed concerns about the potential impacts of a trade war, while Governor Kim Reynolds blamed issues at the border on the Biden Administration. Mexico’s president has stated that if Trump enacts tariffs, Mexico will respond by placing tariffs on American products. Overall, there is uncertainty and concern regarding the potential effects of these proposed tariffs on the economy.
Source
Photo credit www.kcrg.com
