Here’s where consumers could feel the price pain if Trump’s tariffs go into effect
Donald Trump, the incoming president, ran on tariffs. He made even more promises this week.
Trump stated on Monday that he plans to increase a previously planned tariff of up to 60% on all Chinese imports by an extra 10% and slap a 25% tariff on goods imported by the United States from Mexico and Canada.
The duties would represent a substantial rise over Trump's earlier proposal, which was already a big increase over more targeted tariffs that Trump implemented during his first term and that President Joe Biden maintained.
According to a Yale Budget Lab assessment that was shared with NBC News on Wednesday, if retaliatory charges on U.S. exports are implemented, the average cost to consumers of the tariffs Trump has proposed could be as high as $1,200 in lost purchasing power based on 2023...