President Donald Trump’s new tariffs on Canada, Mexico, and China are expected to significantly increase prices for consumer goods, including cars, groceries, lumber, and products from overseas retailers like Temu and Shein. Experts estimate new car prices could rise by $3,000 to $10,000, gas prices could jump by up to 40 cents per gallon, and lumber costs may surpass $600 per thousand board feet. The tariffs will also impact food imports, including meat, fresh vegetables, dairy, and alcoholic beverages, while Chinese imports like toys and footwear may see price hikes. The Tax Foundation predicts that these tariffs will cost U.S. households an additional $830 in 2025, as companies pass on higher import costs to consumers. While the 25% tariff on Canadian and 10% on Chinese goods will take effect Tuesday, the 25% tariff on Mexican imports has been delayed by one month as negotiations continue. Continue here.
