Here’s what could get significantly more expensive under Trump’s tariff plan
CNNNew York CNN — Import taxes are set to spike under the incoming Trump administration, forcing Americans to pay more for everything from foreign-made sneakers and toys to food, according to new research. “President Trump will work quickly to fix and restore an economy that puts American workers first by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy.” From autos to avocados The Peterson Institute analysis found that consumers will face higher costs for imported goods, including electrical devices, toys and sporting goods. Trump’s proposed tariffs on Mexico and Canada would have the biggest impact on prices for autos, vegetables, fuel, prepared food and animal products, the Peterson Institute found. “Higher tariffs on Mexico and Canada will…put upward pressure on US food prices,” the Peterson Institute paper said. “American consumers and firms will bear the effect of higher tariffs, with substantial cost for the average American household, and a burden that falls more heavily on lower income households,” the Peterson Institute researchers concluded.