WASHINGTON D.C. — As part of the efforts to secure the borders and close the national trade deficit, President Donald Trump announced a series of tariffs on numerous trade partners in the leadup to and after last year’s election. They were proposed as a way to get other countries to tighten border security and clamp down on both illegal substances and immigration.
A tariff is a tax imposed by a government or supranational union on the imports or exports of foreign goods. Tariffs are a source of revenue for a government that implements them, and they can also help regulate foreign trade and policy while safeguarding its domestic manufacturers.
But for most consumers, this will also mean they have to pay higher prices if tariffs are placed against their country.
PRICES GO UP!
Those tariffs were signed by executive order in January and are now set to go into effect Feb. 4. The order calls for a 25% tariff on imports from Canada and Mexico with a 10% tariff on imports from China due to an alleged rise of drug sourcing and distribution.
However, this move sparked concerns about trade disputes as both Canada and Mexico have announced retaliatory tariffs on imports from the U.S.. The U.S. exports to Canada are estimated to be worth about $155 billion.
Further, the retaliatory tariffs mean that many goods at the grocery store and the gas station could see a noticeable price increase. Some of the items listed in various posts as excludes include:
- Avocado
- Tomatoes
- Bell peppers
- Strawberries
- Limes
- Bananas
- Beans
- Beef
- Pork
- Salmon
- Eggs
- Wheat
- Oats
- Potatoes
- Cheese
- Ice cream
- Beer, tequila, and other alcoholic beverages
- Snack foods