4 sources·Business

Possible Tariff Increases Loom for U.S. Consumers After Trump Takes Office

Experts predict consumer prices will rise significantly if Trump implements proposed tariffs on imports, impacting low- and middle-income households the most.

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Updated: Dec 10th, 2024, 7:16 PM ET

Summary

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Following President-elect Trump’s plans to impose tariffs on imports, experts warn that U.S. consumers could see substantial price increases, especially for goods sourced from China. Tariffs of up to 60% on Chinese goods and 25% on imports from Canada and Mexico are under discussion, potentially raising costs for average households by $3,000 by 2025. Concerns are particularly high in the toy industry, reliant on Chinese manufacturing. The financial burden from tariffs could disproportionately affect low- and middle-income families, exacerbating existing economic challenges.

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