President Trump has officially implemented tariffs on most goods from Canada, Mexico, and China, with the new tariffs taking effect at 12:01 a.m. on Tuesday. Imports from Canada and Mexico will be taxed at 25%, while Canadian energy products will be taxed at a lower rate of 10%. The tariffs on Chinese imports have doubled from 10% to 20%. Trump claims these tariffs will bring fairness, but economists warn that Americans could see higher prices on products as a result.
Minnesota farmers are particularly concerned about the impact of these tariffs, as Canada and Mexico are top destinations for agricultural exports. Yale University Research Center estimates that tariffs could cost the average household up to $2,000 a year. The three impacted countries have retaliated with tariffs on American goods, with Mexico and Canada imposing 25% tariffs and China implementing a 10-15% tariff on farm goods. Overall, the tariffs are expected to impact prices on everyday goods like food, drinks, gas, cars, and electronics, potentially leading to higher consumer costs in the near future.
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