What will cost Americans more from sweeping tariffs on Mexico, China and Canada | Money [Video]

(CNN) — American consumers and businesses stand to pay a hefty price for the tariffs President Donald Trump enacted on the nation’s top three trading partners.

With only a slim exemption for some Canadian energy products, everything the US imports from those three nations is subject to tariffs of at least 20%, in the case of China, and 25% for Mexico and Canada.

Americans won’t necessarily feel the effects of tariffs immediately but the import taxes could raise prices of just about everything, especially given that over 40% of the goods America imported last year came from the nations Trump targeted.

Just how high prices will get – and when – all depend on the extent to which businesses will absorb the higher cost of tariffs or reconfigure their supply chains to minimize costs, as well as how much inventory they have on hand.

Here’s where Americans could feel the sting hardest:

Food

Mexico and Canada supply a significant share of …