JACKSONVILLE, Fla. — President Donald Trump’s tariffs on goods imported from Mexico, Canada and China are in full swing.
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25% tariffs are now in effect on the nation’s two biggest trading partners: Canada and Mexico.
The U.S. also increased the tariffs on China by 10%, bringing those to a total of 20%.
Action News Jax is taking a look at just how soon you could feel the impacts.
Dr. Jim Mirabella, a professor of decision sciences at Jacksonville University, said it may be a bit before we see the effects. He said that is because a lot of imported consumer products are currently stored in warehouses. But when those items start to run out, and he said that’s when you can expect some prices to go up.
Those tariffs could impact your everyday purchases.
“This isn’t every item is going to go up by a big amount,” said Clark Howard, Action News Jax consumer advisor. “Some aren’t going to be affected at all, it won’t go up any. Others will go up just a little bit and others will go sky high.”
Prices could rise on items like food, electronics, toys, and appliances.
But also cars and parts as higher tariffs could make them pricier and harder to find as many parts aren’t made in America.
Dr. Mirabella said he is not too concerned.
“I think it is going to be a while before we truly feel the impact,” said Dr. Mirabella. “But when it does happen, I am not so sure it is going to be as devastating as everyone seems to be hyped up about.”
He also does not think the tariffs will last that long.
“I think initially we are going to see the prices go up and we will feel the sting but within the year I honestly believe that things will settle down and we will be far better off,” said Dr. Mirabella.
Canada’s prime minister announced a 25% retaliatory tax on U.S products.
Mexico said retaliatory tariffs are coming Sunday.
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