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Economics experts say the average American could spend thousands of dollars more due to President Trump’s tariffs [Video]

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Canadian Economy and Markets

The Trump administration implemented a 25% tariff for Mexico and Canada. China received an additional 10% tariff. They are expected to result in price increases.

Economics experts said consumers in the United States will soon feel the impacts when buying groceries and other essentials. 

“We import a lot of food in particular from Mexico and Canada. So, it’s really going to affect Tennesseans and all Americans at the grocery store. That’s probably going to be one of the first places that we see it, because fresh produce gets imported into the U.S. every day,” said Sara Hsu, a UT professor. 

While those price increases will be seen almost immediately, Hsu said price increases in other items like car parts could take longer to see. She said integrated manufacturing processes between the U.S., Canada and Mexico could lead to price increases in finished cars — not just their parts.

“We’re going …

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