Trump's proposed tariffs could raise prices on groceries, cars, and clothing

President-elect Donald Trump plans to impose new tariffs on imports from Mexico, Canada, and China, potentially raising prices on groceries, cars, and clothing. He aims to implement a 25% tariff on products from Mexico and Canada and a 10% tariff on Chinese goods. These tariffs could significantly impact consumer prices. For example, a study suggests toy prices could rise by 36% to 56%, while clothing costs might increase by over 20%. Automakers and retailers have indicated they would pass these costs onto consumers. Trump's proposed tariffs come as he forms his administration, with key appointments including Marco Rubio as secretary of state and Tulsi Gabbard as director of national intelligence. These selections reflect a shift towards a more hardline approach on trade and immigration.