Trump's Tariffs Will Make Everyday Products More Expensive: Experts Warn

Economists and consumer experts have warned that Donald Trump's new tariffs will make the prices of some products more expensive.

Another 10 percent tax

Donald Trump has been re-elected as US President and is set to take office in January. In this situation, he has announced that he will impose higher taxes on goods imported from abroad on his first day in office.

Trump's Tariffs Will Make Everyday Products More Expensive: Experts Warn | Trump Tariffs Everyday Products More Expensive

He has also announced that he will impose an additional 10 percent tax on existing taxes on Chinese goods. He has also threatened to impose a 25 percent tax on America's two largest trading partners, Mexico and Canada.

Last year alone, goods worth $1.3 trillion were imported to the United States from China, Mexico and Canada.

This means that from now on, the prices of everything from cars, gas, smartphones and appliances to medicines and clothing could rise, experts have warned.

Mexico is the United States' largest trading partner, importing $475 billion worth of goods last year alone. Most of these imports are manufactured goods such as cars, computers and household appliances.

Tariffs could rise

The new tariffs will now increase tariffs. Last year alone, the United States imported more than $418 billion in goods from Canada, including crude oil and machinery.

Trump's tariffs... will make everyday products more expensive: experts warn | Trump Tariffs Everyday Products More Expensive

In addition, the United States imports billions of dollars in plastics, pharmaceuticals, metals and agricultural products from its northern neighbors every year.

Canada and Mexico send vehicles and parts to the United States. Many cars sold in the United States are assembled in Mexico and Canada or use parts sourced from them.

Analysts estimate that the price of a new car could increase by $1,000 to $5,000. Canada and Mexico also export agricultural products to the United States.

The new tariffs are likely to raise the price of everyday food items such as fruits, vegetables, meat and milk. Last year, the United States imported nearly $427 billion in goods from China and exported nearly $148 billion.

Explaining his tax measures, Donald Trump said that this would help prevent the flow of drugs and immigrants into the United States.