Larry Summers warns Trump's tariffs could raise U.S. inflation

Former U.S. Treasury Secretary Larry Summers has warned that President-elect Donald Trump's proposed tariffs on imports from Canada and Mexico could increase inflation in the U.S. Summers expressed concern over Trump's plan to impose a 25 percent tariff unless these countries address drug trafficking and illegal immigration. Summers noted that such tariffs would negatively impact Canada's economy and disrupt global trade. He highlighted the potential for higher prices, which voters dislike, and emphasized the need for cooperation between the U.S. and Canada on issues like fentanyl smuggling. Local business owners, like New York hardware store owner Debbie Kavourias, are worried about how these tariffs could affect their inventory and costs. Kavourias mentioned that a significant portion of her products are imported, and she fears having to raise prices for customers.