US tariffs on Canada, Mexico and China - Here's what will be costlier for Americans now
World | US exports around 70 percent of its crude oil stock from Canada and Mexico. Reports said the countries are responsible for fueling a large percentage of the entire gasoline supply in the United States at present.
The Donald Trump administration announced a 25 per cent tariff on goods from Canada, Mexico, and China from February 1 onwards. As per Trump, the move is aimed at boosting the American industry, but experts say it's the US shoppers who will have to pay the price. As per the report by ABC News, experts have said a lot of products will get costlier amid this regime.
Gas prices might rise
US imports around 70 per cent of its crude oil stock from Canada and Mexico. Reports said the countries are responsible for fuelling a large percentage of the entire gasoline supply in the United States at present.
According to Timothy Fitzgerald, a professor of business economics at the University of Tennessee, prices of fuel can go as high as 40 to 70 per cent, ABC News reported.
He further told the news agency that there could be an additional 30 per cent increase in the prices after the impact of seasonal prices.
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Grocery bills can go up
Mexico is one of the largest suppliers of food items consumed by Americans on a daily basis. Imposing a tariff on Mexican products would surely make the prices of groceries high.
Some of the common items, like avocados, tomatoes, cucumbers, bell peppers, jalapenos, and limes, could see a hike in prices.
The prices can also go high because US producers cannot easily replace these items. This also applies for Mexican-made beer and tequila.
The automobile industry would be impacted
Also read: 'America first': Trump vows tariffs on China, India, Brazil and other nations that 'harm' US
Canada and Mexico are huge suppliers of auto parts to the US, and the imposition of tariffs would lead to a hike in their prices as well.
In 2023, Canada and Mexico accounted for nearly 50 per cent of the US vehicle imports, amounting to around $120 billion.
The companies of vehicles, especially cars, would be impacted after the tariff on both sides of the border. As per Harvard's Kennedy School of Government professor, Robert Lawrence, the tariff would impact the prices of cars for consumers, ABC News reported.
WATCH: Colombia backs down on migrant row, US pauses its plan to impose tariffs
(With inputs from agencies)
