President-elect Donald Trump is set to impose tariffs on imported goods from Mexico, Canada, and China. The 25% tariff on Canadian imports could lead to higher gas prices in Wisconsin, with experts predicting a potential increase of 35 cents a gallon. Several major retailers, including Walmart, Ikea, Lowe’s, Stanley Black & Decker, AutoZone, and Columbia Sportswear, have confirmed that they will likely raise their prices due to the tariffs.
The tariffs aim to curb illegal immigration and drug trafficking but may lead to higher costs for consumers. Tariffs are taxes imposed on imported goods, charged as fixed percentages of the value of imports or fixed amounts on each good. The impact on Wisconsin will be felt across various industries, including groceries, clothing, and auto parts.
Dozens of imported grocery products could see a price spike due to tariffs from China. Over 78% of vitamin imports come from China, making it a significant concern for consumers. Clothing and footwear retailers have also identified over 500 imported items that may be affected by the tariffs.
As Trump takes office on January 20th, experts advise against stocking up on every product that could become more expensive. While some products may see immediate price hikes, others may take longer to implement due to the approval process required for steel and aluminum taxes, which can take up to nine months.
Source: https://eu.jsonline.com/story/news/local/2024/12/04/what-will-be-more-expensive-under-trump-tariffs-clothing-cars-food/76766190007