(CLO) President Donald Trump has ordered increased tariffs on goods from Mexico, Canada and China, saying this will help reduce illegal immigration and fentanyl smuggling into the US.
Mr. Trump confirmed that he would impose a 25% tariff on goods from Mexico and Canada, and a 10% tariff on imports from China. However, this policy could have serious consequences for American consumers.
Economists predict supply chain disruptions, leading to higher costs for businesses and higher prices. Mexico and Canada, which rely on imports and exports, will be hit hard, while China will be less affected thanks to efforts to increase domestic production.
US President Donald Trump. Photo: White House
Impact on consumer goods:
Avocados and other fruits and vegetables : The United States imports a large amount of fruit from Mexico and Canada, including 80% of avocados from Mexico. Tariffs will push up the prices of these items, although they may boost domestic production. Overreliance on domestic products could lead to price increases.
Gasoline Prices : Canada and Mexico supply a large portion of crude oil to the U.S. Without the oil tax exemption, gasoline prices could rise as much as 50 cents per gallon, directly affecting consumers.
Autos and parts : The US auto industry, which relies on cross-border supply chains, would be hit by tariffs. This could increase the price of cars and parts.
Electronics: A 10% tariff on imports from China could drive up prices for phones, computers and other consumer electronics, as the US remains dependent on China for these goods.
Steel industry : The steel industry could benefit from tariffs, as increased duties on imported steel would boost domestic production. However, this could also increase steel prices, affecting construction costs and other industries.
Overall Inflation : Rising commodity prices will push inflation higher, with the increase forecast to reach 3%, above the US Federal Reserve's 2% target.
Ngoc Anh (according to CNN, Sky News)
Source: https://www.congluan.vn/nguoi-tieu-dung-my-se-bi-anh-huong-the-nao-sau-chinh-sach-thue-quan-cua-ong-trump-post332676.html
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