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General Category => News and Information => General Discussion => King Trump THE DISGRACE - death to THIS Sociopathic SHPOS => Topic started by: droidrage on February 02, 2025, 08:23:32 AM
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Here’s what could get more expensive with Trump’s new tariffs signed today
President Donald Trump’s tariffs against Canada, Mexico and China could target over 40 percent of all imports.
https://www.washingtonpost.com/business/2025/01/27/trump-tariffs-mexico-china-canada-prices/
President Donald Trump signed orders imposing tariffs on products from Mexico, Canada and China on Saturday — a move that could significantly increase prices on goods from three of America’s most important trading partners.
Since taking office, Trump has threatened tariffs on an array of trading partners, including Europe, Russia, Brazil and India. His threatened tariffs of up to 50 percent on Colombian goods, after Bogotá’s government refused to allow U.S. military aircraft carrying deported migrants to land, got the Colombian government to agree to his terms. The three executive orders signed Saturday are the first tariffs officially enacted by the president in his second term.
Tomatoes, T-shirts, crude oil and cars are among the items that could get more expensive with the new tariffs, according to a Washington Post analysis of international trade data from the Census Bureau.
Mexico is the largest source of imports to the United States, followed by China and Canada. Together they account for 43 percent of the $3.1 trillion in goods that are imported.
Trump’s tariffs impose a 25 percent tax on most Mexican and Canadian goods and an additional 10 percent levy on Chinese goods, targeting products across all major categories of imports from machinery to food. (Most imports from Mexico and Canada didn’t incur any tariffs, while many imports from China already did.)
Capital goods,
except automotive - Consumer goods - Industrial supplies and materials - Automotive
vehicles, parts, and engines - Foods, feeds, and beverages - Other goods
(https://gfx-data.news-engineering.aws.wapo.pub/ai2html/TRUMPTRADE/IFM7KISF6JASZFABWXFTCCUALE/TRUMPTRADE_TOP-xlarge.jpg?v=14)
Other countries - China 28% - Canada 33% - Mexico 38%
Total value: $859B - $758B - $675B - $458B - $200B - $130B
The result, economists say, will likely be higher prices for everyday Americans.
“These types of increases on import taxes are almost always going to be passed through to the consumer,” said Joe Brusuelas, chief economist at tax and consulting firm RSM US.
Here are the products that could be affected by Trump’s tariffs.
Cellphones, clothes and household goods
China is the main source of imported consumer goods, sending about $210 billion worth of everyday household items into the United States last year. That means electronics like cellphones, apparel like cotton shirts or shoes and children’s toys could be subject to higher tariffs than they are now.
Industry groups have warned these taxes could increase prices. The Consumer Technology Association, modeling an earlier tariff proposal from Trump, said that smartphones could cost about $213 more.
“There’s very little in [the] consumer electronics space that is not imported,” Best Buy CEO Corie Barry said on the company’s earnings call last week.
Companies making everything from shoes to hardware have already said they plan to pass the cost of higher taxes on to customers.
Produce, beer and juice
One of the first places shoppers may feel the impact of increased tariffs is in the grocery aisle. The United States imported $9.9 billion worth of vegetables and more than $11 billion worth of fruit and frozen juices from Mexico last year.
“The proposed tariffs would have a significant impact on food prices,” David Ortega, a food economist and professor at Michigan State University, said before the tariffs were officially enacted. Price hikes would come after years of high inflation in grocery aisles, a top concern for Americans in the last election.
The majority of America’s avocado supply comes from Mexico, as well a sizable amount of tequila and most of the imported beer Americans drink. Like many products, Mexican beer is often made in partnership with the United States — using barley from Idaho or Montana, for example.
It wouldn’t be easy to quickly replicate the food supply domestically, Ortega said. Fruit trees, for example, take years to mature. Labor costs are often higher in the United States, and drought and weather could hinder growing.
Vehicles and car parts
More than half of goods classified as automotive vehicles, parts and engines come from Canada and Mexico. Canada was also the main exporter of industrial supplies to the United States, including building supplies, oil and metal materials used to manufacture other products.
Cars are often made between the United States and its closest neighbors, and parts go back and forth across the border during the manufacturing process.
“There’s no such thing as an American-made car. We have an integrated North American supply chain,” Brusuelas said.
About $173 billion worth of automotive vehicles, parts and engines came from Mexico alone last year.
The proposed tariffs will make it more attractive to manufacture and assemble cars in the United States, said Erik Gordon, a clinical assistant professor of entrepreneurial studies at University of Michigan. He expects car companies might have to readjust their strategy, perhaps making versions of cars with fewer bells and whistles to keep costs under control.
Many other industries also rely on parts and materials made internationally, even if the final product is made in the United States — for example, the country imported $93 billion worth of crude oil from Canada last year.
“There are very few things you could pull apart and say it’s made 100 percent in the U.S.A.,” said KPMG chief economist Diane Swonk.
The Washington Post analyzed 2023 international trade data from the Census Bureau, which publishes monthly data on value of imported goods to the United States. The analysis relies on the end-use classification system that focuses on merchandise’s final utility instead of its characteristics. Each section shows products where Canada, China and Mexico represented more than 35% of total merchandise value or where one of them exported more than 30% worth of products in that category in 2023. For categories with more than 10 products, the graphics show just the top 10.
The cellphones, health-care devices, others category includes mostly cellphones, but also myriad products that ranges from hearing aids, pacemakers and thermometers to suitcases, photo albums and waterbed mattresses.