Trump's proposed tariffs could raise costs for American consumers by thousands

President-elect Donald Trump announced plans for new tariffs on imports, including a 25% tax on goods from Canada and Mexico and a 10% tax on Chinese products. This marks a significant shift in trade policy. Experts estimate these tariffs would increase costs for American consumers. A 20% tariff on all imports could raise expenses for middle-income households by over $3,900 annually, while a 10% tariff might add around $1,700. Previous claims by Trump suggested that foreign countries would bear the cost of these tariffs. However, economists indicate that the burden will likely fall on American consumers through higher prices.