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Increased tariffs imposed by the Trump administration could drive up the cost of groceries, cars, electronics and fuel in the US, with possible significant impacts on the domestic economy and inflation
The heavy tariffs imposed by Donald Trump on products imported from Mexico, Canada and China are likely to translate into higher prices at supermarkets, car dealerships, electronics shops and even gas stations. Although Peter Navarro, White House trade advisor, says the effect of tariffs on prices will be relatively ‘small’, thanks to deregulation and other administration policies, many experts predict an inflationary impact on US consumers.
According to Michigan State University’s Jason Miller, the three countries account for 40 per cent of US imports, making it difficult to avoid cost increases, especially on fresh food products such as tomatoes, avocados and strawberries, many of which come from Mexico. Beer prices could also rise, with a potential 4-12% increase for top-selling brands such as Modelo Especial and Corona.
Imports from Canada, especially grains, meat and maple syrup, could see price increases, while the automotive sector could see an impact on vehicle and component costs. Pickup truck production in Mexico could cause a $3,000 price increase for some models, while tariffs on Chinese imports could raise prices for electronics and building materials, such as lumber.
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