Minnesota business leaders warn Trump's tariffs could raise consumer prices and disrupt major companies

Minnesota business leaders are concerned about President-elect Donald Trump's proposed tariffs on goods from China, Mexico, and Canada. They warn that these tariffs could raise consumer prices and disrupt supply chains for major companies like 3M, Cargill, and Target. Trump plans to impose a 10% tariff on Chinese goods and a 25% tariff on those from Mexico and Canada. This could significantly impact Minnesota's $7 billion export market, which relies heavily on these trading partners. Companies like Best Buy, which sources 60% of its products from China, are preparing for potential price increases. Many businesses are awaiting more details on the tariffs to understand their specific impacts and possible countermeasures from affected countries.