President-elect Donald Trump will have the power to impose tariffs on imports from other nations as soon as he takes office on January 20. He has already promised to increase tariffs on Mexican, Canadian, and Chinese goods by 25% and an additional 10%. Additionally, he plans to charge a tariff of 10-20% on all goods imported from other countries.
This move could lead to significant price increases for consumers globally, as many goods are not made entirely in the US. Trump’s decision is likely to have far-reaching impacts on international trade and commerce.
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Source: https://edition.cnn.com/2024/12/10/economy/tariffs-stockpiling-higher-prices/index.html