President Donald Trump’s upcoming 25% tariffs on goods from Canada and Mexico and 10% duties on products from China are set to ricochet through households, raising prices for a wide range of items including vegetables, fruits and cars.
Economists have warned that US-based companies paying more to import products will hike prices to absorb at least some of the extra expenses.
In the worst-case scenario, when shoppers don’t substitute for US-made goods and 100% of the tariffs is passed onto consumers, the potential economic impact could work out to roughly $835 per person, or $3,242 for a family of four, ...
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