Trump Tariffs Could Drive Up Prices on These Goods

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President Donald Trump recently announced the imposition of tariffs on imports from China, Canada, and Mexico, which has sparked a trade war between the countries. Although Trump recently paused tariffs on Mexico for a month, the three countries share integrated supply chains, with approximately $2 billion worth of goods crossing their borders daily. In light of the tariffs, several products in the U.S. could see price increases due to these trade tensions.

Cars
Car prices are projected to rise by at least $3,000, as parts for vehicles cross the U.S.-Canada-Mexico borders multiple times before assembly. The tariffs on imported parts will likely be passed on to customers, driving up the cost of purchasing a car.

Housing
The imposition of high tariffs on Canadian lumber could affect housing affordability in the U.S. The National Association of Home Builders has urged the president to exempt building materials from the tariffs, warning that the cost of building homes could rise. As a result, home prices could increase for consumers.

Fuel Prices
Canada is the U.S.’s largest foreign supplier of crude oil, and with a 25% tariff on Canadian goods, energy prices could be impacted. While the U.S. has sufficient oil supplies, its refineries are designed to process the thicker crude oil from Canada and Mexico. If Canada retaliates by reducing crude oil exports, gas prices in the U.S. could rise.

Beer and Tequila
Popular Mexican beer brands like Modelo and Corona are expected to become more expensive due to tariffs. Additionally, certain spirits, including tequila, Bourbon, Tennessee whiskey, and Canadian whiskey, could also see price hikes. As these products are unique to their countries of origin, their supply may be disrupted by tariffs, leading to higher prices for consumers.

Maple Syrup and Avocados
Avocados, which are primarily grown in Mexico and make up nearly 90% of the U.S. supply, could see price increases. Similarly, Canada produces 75% of the world’s maple syrup, and tariffs on Canadian goods could drive up the cost of maple syrup, impacting households that rely on it.

In summary, the ongoing trade dispute could lead to higher costs for U.S. consumers on a variety of goods, including cars, homes, fuel, alcoholic beverages, and food products like avocados and maple syrup.


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