The potential impact of Trump’s proposed tariffs in Spokane [Video]

SPOKANE, Wash — President-elect Donald Trump announced that he plans to charge Mexico, Canada and China a steep tariff on all their goods coming into the United States.

Trump said he’d impose a 25% tax on products entering the U.S. from Canada and Mexico, along with a separate 1% tariff on goods from China.

A tariff is an added tax or fee on imported goods that companies would pay and likely pass onto consumers. 

So, what does that mean for you? 

Gonzaga economics professor Ryan Herzog said assuming Trump goes through with the tariffs, their impact would then also depend on how the Fed responds.

“It’s complex,” Herzog said. “If the Fed does nothing, you are going to see [it], especially if you’re in the Midwest [with] higher gas prices. You’re going to see higher timber prices …