Trump's proposed 25% tariff on Mexico and Canada could raise US household costs by $1,300 annually

Donald Trump has threatened to impose a 25% tariff on imports from Mexico and Canada, which could increase costs for U.S. households by about $1,300 annually. This estimate does not account for potential retaliatory measures from these countries. The proposed tariffs would raise prices on various goods, including gasoline, electronics, and food items. Experts suggest that consumers would bear the burden through higher prices, as U.S. producers pass on increased costs from tariffs. The tariffs could also impact the economy significantly, with estimates of job losses and reduced GDP. Mexico and Canada are key trading partners, with a large volume of goods exchanged between the countries.