From CNBC: 2024-12-10 16:38:45

U.S. consumers could face price increases if President-elect Donald Trump enacts import tariffs, experts warn. Tariffs are taxes on imported goods paid by U.S. companies. Businesses may pass on higher prices to consumers, reduce profits, and potentially limit wage growth or job opportunities.

Trump imposed tariffs during his first term and plans to expand them. A universal tariff policy could cost the average U.S. household $3,000 in 2025, hitting low- and middle-income families the hardest. Trump also pledged tariffs on Canada and Mexico, but uncertainty remains on the implementation and targets.

There is uncertainty around Trump’s tariff plan, including which countries and products will be affected. Some experts see the tariffs as negotiation tactics rather than concrete policy. Tariff revenue could offset proposed tax cuts, and Trump named Jamieson Greer as U.S. trade representative, a key player in previous tariff decisions.

Read more: Trump tariffs would add costs for consumers, economist says