Small businesses brace for financial impact of President Trump’s tariffs on imports [Video]

President Donald Trump is moving forward with his plan to place tariffs on imports out of Mexico, Canada and China as soon as Saturday. 

As it nears reality, some businesses are beginning to prepare for a possible rise in prices that consumers will likely see as well.

What we know:

President Trump on Friday said he plans to move forward with tariffs on imports from Canada, Mexico and China starting Saturday.

“It’s something we’re doing and will possibly, very substantially increase it or not. We’ll see how it is,” he said. “But it’s a lot of money coming to the United States.

The Trump administration is hoping the taxes reduce trade deficits. 

White House Press Secretary Karoline Leavitt said the plan is to have 25% tariffs on Mexican and Canadian imports and a 10% tariff on China.

The president previously threatened tariffs to gain cooperation to stop the smuggling of fentanyl and to …