TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Donald Trump’s new tariffs will impact your wallet.
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00:00President Trump is making good on his promise to slap tariffs on 1.4 trillion
00:04dollars worth of goods made in Mexico, Canada and China. Products shipped from
00:10Mexico will see a 25% import tax, Canadian goods except for energy
00:15products will see a similar amount, while Chinese goods will be hit with an
00:19additional 10% tariff. These are all expected to kick in as of February 3rd.
00:25The president is warning Americans will feel a little short-term pain, but what
00:30he left out is that pain comes on top of the steepest spike in inflation felt
00:35this generation. The grocery store is likely to be the first place where most
00:40Americans feel the impact. I'm talking 46 billion dollars worth of food items
00:44from Mexico alone. 20% of our fresh fruits and vegetables come from our
00:49southern neighbor and it's not just avocados. Alcoholic beverages are also on
00:54the tariff hit list. I'm talking beer, tequila and of course mezcal. Your next
01:00new car is likely to be at least $3,000 more expensive according to some
01:05estimates. You might think because your automobile is made in the USA you'll be
01:09immune, but even cars assembled within the border have dozens of parts made in
01:15Mexico and Canada. Anything you have to replace that has steel in it will face
01:20higher tariffs since Canada and Mexico will no longer be exempt from global
01:24steel tariffs. Home prices, which are already at or near record highs, will be
01:29impacted. 30% of the type of lumber used to build homes comes from our Canadian
01:35neighbors, while 71% of materials used within drywall are imported from Mexico.
01:41And that's just the impact of Mexico and Canadian tariffs. Chinese products are
01:46even more abundant inside and outside our homes, ranging from the things we
01:51cook and eat with, what we wear on our feet and backs and what our kids play
01:56with. Wall Street isn't an uproar as the Trump trade war 2.0 begins. Stocks are
02:01down sharply across the board in Monday action. From the New York Stock Exchange
02:06I'm Conway Gittens with the street.