How will Trumps tariff plan affect consumers? NECN [Video]

President Donald Trump could be moving forward with one of his key campaign promises.

On Monday, Trump announced he will introduce 25% tariffs on goods from Mexico and Canada, as soon as Feb. 1.

Tariffs are imposed on goods that are imported from another country. Experts warn the move could raise prices for consumers.

“There is so much uncertainty right now in terms of which products will see price increases as a result of the tariffs,” said Kimberly Palmer, a personal finance expert at Nerdwallet.

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Trump had pledged to impose tariffs on both countries on Day 1 of his presidency to pressure them to keep migrants and drugs out of the U.S.

“Lots of research does show that companies then pass along that extra cost to consumers,” said Sarah Foster, an economic analyst at Bankrate.com. “So while companies might …