Philadelphia (WPVI) – The new US tariffs came into force at midnight: a 25 percent tax on all goods that come across the border from Mexico and Canada and an additional 10 percent tax on Chinese products, which now makes it 20 percent.
President Trump says the US is breaking away from the bad trade agreements that cost US jobs, but US consumers, economists and business owners are expressing serious concern that tariffs will raise prices, leading to less consumer expenses and, perhaps, a recession.
Read more: ‘Dumb’: Canada, Mexico explosion Trump’s historical tariffs, threaten revenge
“Our economy is already in a state where many medium people are trying to cope with the basic goods, and now that we have these new imposed tariffs, it is, UGH will be really difficult for people just to meet the conclusions,” Kessy’s Fairmount of Philadelphia said.
From consumers to business owners, the concern of tariff impact is high.
Action News Interviewed Vinnie Iovine in Reading Terminal Market in February.
Connected: What to know while Trump’s long promised fees come into force in Mexico, Canada, China
“So now, avocados are probably $ 1.99. I think I have them in the store, but I can see them go up, you know, $ 2.50, or something like that,” Iovine and Iovine Brothers produces.
On Tuesday morning, Target General of Target Brian Cornell warned for CNBC that prices in fresh products from Mexico, such as strawberries and bananas, will go until this week.
“The consumer is likely to see price raising within the next two days,” Brian Cornell said.
Production is not the only concern. Best Buy General Director is warning that prices will rise while China and Mexico remain the number one and number two resources for the products it sells.
The average cost of a new car is expected to increase by over $ 3,000.
“So there is nothing we buy that will go intact,” said Jonathan Doh, PhD, International Business Expert at Villanova University
Connected: Trump’s Tariffs: Villanova Professor weighs possible impact
Toy prices are also expected to increase. The Yale Budget Laboratory estimates that Trump’s new tariffs can cost the average family up to $ 2,000 a year.
“So what they have to do is build their own car plants honestly and other things in the United States,” he said.
Meanwhile, China is imposing additional fees of up to 15 percent for some US goods. Canada announced a 25 percent fee of its own.
Ontario Doug Ford says he has led his team not to use any US company.
“We have to take revenge and I apologize to the American people. You are not.
Mexico President Claudia Sheinbaum said Tuesday morning that she plans to talk to President Trump this week, but if they can’t reach an agreement, Mexico will impose fees for US goods by Sunday.
Declaration by the International President of the United Staff of Steel David McCall:
“USW stands firm in favor of regulating our broken trade and renovation system in the global overload that has long threatened the main indoor industries and with them good, stable community jobs. Tariffs for tariffs, however, do not reflect the strategic planning we need to carry out trade reform in the future.
“As we welcome efforts to re -establish our trade relations, we ask the administration to reconsider its stay in Canada. Fair trade, as we have with our Canadian allies, advances economic growth, promotes job creation and builds widespread prosperity. Security.”
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