Economists say new tariffs could push consumer prices while narrowing product choices on store shelves. A 25% tariff on Canadian and Mexican goods could cut U.S. GDP by $200 billion, while a 10% China tariff may reduce it by $55 billion. Trump’s proposed universal tariffs could cost the average U.S. household $3,000 annually in 2025. Although the White House claims tariffs will boost the economy, experts warn of potential trade wars, higher prices, and job losses.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Economists say new tariffs can push up consumer prices while narrowing product choices on store
00:07shelves. A 25% tariff on Canadian and Mexican goods could cut U.S. GDP by $200 billion,
00:14while a 10% China tariff could be reduced by $55 billion. Trump's proposed universal tariffs
00:20could cost the average U.S. household $3,000 annually in 2025. While the White House claims
00:25tariffs will boost the economy, experts warn of potential trade wars, higher prices, and job losses.
00:31For all things money, visit Benzinga.com slash GSTV.