Prices are going to go up: Colorado Springs economist explains where you could be spending more money after President Trump authorizes tariffs [Video]

COLORADO SPRINGS, Colo. (KKTV) – Over the past few days, President Trump has authorized and paused tariffs on several foreign goods.

He imposed tariffs on Chinese, Canadian and Mexican goods over the weekend, prompting concerns about the cost of gas, groceries and electronics, among other things. On Monday, President Trump announced that a deal was reached with Canada and Mexico and paused those tariffs.

Tariffs on Chinese goods, however, still stand as of time of writing, and it’s something Joe Craig, an associate professor for the economics department at UCCS, said he’s keeping a close eye on.

What is a tariff?

Craig explained to 11 News that a tariff is a tax on foreign goods that is paid for by American producers.

Essentially, American producers pay a certain amount of money to import goods into the U.S., which is often reflected in the cost of the product to consumers. If a tariff is imposed, …