Trump imposes 25% tariffs on imports from Canada and Mexico, raises tariffs on China

Donald Trump announced a 25% tariff on all imports from Canada and Mexico, along with increased tariffs on China. This move is expected to raise prices for American consumers, particularly affecting low and middle-income households. The tariffs will increase costs for American companies that rely on imported goods, such as petroleum and aluminum. This could lead to higher production costs and may prompt Canada and Mexico to impose their own tariffs on U.S. exports. Historically, tariffs have led to higher prices and less competition in local markets. While Trump aims to boost American manufacturing, experts question whether this strategy will effectively create jobs or simply raise costs for consumers.