ATLANTA, Ga. (Atlanta News First) – At midnight, tariffs against imported goods from Mexico, Canada, and China will go into effect, President Donald Trump said on Monday.
The move is intended to pressure the three countries to further address efforts to stop drug trafficking into the U.S.
President Trump also stressed the tariffs are intended to prop up U.S.-based businesses.
“It’s a nice politically-sounded motive, but it makes no economic sense,” said Raymond Hill, Economics Professor Emeritus from Emory University.
In a February report, the Federal Reserve Bank of Atlanta found these latest tariffs on Canada, Mexico, and China could increase the cost of retail products by 2.57 percent.
Hill said the tariffs will not shrink the trade deficit or increase jobs, while burdening everyday consumers.
“It’s clear that American consumers are going to bear a lot of it,” said Hill.
Some Atlanta businesses are also bracing for a hit to their bottom-line …