The Tariffs Are Going Forward On Time, On Schedule' Trump Confirms Canada And Mexico Tariffs - What Should U.S. Consumers Expect?

President Donald Trump announced Feb. 24 that tariffs on Canadian and Mexican imports to the U.S. will be "going forward on time, on schedule" on March 4. 

Economists and consumers alike are bracing themselves for the widespread implications the tariffs will have across the United States. While some states will be more heavily impacted than others, a variety of goods nationwide are likely to see increases. 

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Which States Will Be Hit the Hardest? 

Each state's trade relationships with Canada and Mexico will determine–to some degree–how they are individually impacted by these tariffs. States like Montana, New Mexico, and Texas, which rely heavily on imports from these countries, are expected to see the biggest economic shifts, according to CNBC.

• Montana: LendingTree data shows that 94% of Montana's imports come from Canada, Mexico, and China, which will bring significant economic exposure.
• New Mexico: The state imports 77% of its goods from these three nations, including key electronics components.
• Texas and California: These states have large economies and strong trade ties, particularly in energy and auto manufacturing, including electric vehicle batteries.

States with heavy reliance on trade with Canada and Mexico may experience localized economic challenges, including higher costs for businesses and consumers.

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What Goods Will Become More Expensive?

U.S. consumers may see price increases on a wide range of everyday products as a result of these tariffs. Some of the most affected goods, according to CNBC, include:

• Energy: Canada is a major supplier of oil to the U.S., and tariffs could lead to increases in gasoline and heating prices. 
• Vehicles and auto parts: Mexico is a key player in providing auto parts, including those used in EVs, to the U.S. 
• Food and beverages: Beer imports from Mexico, along with fruits and vegetables, could see price hikes. Illinois, for example, imports over $5 billion worth of beer from Mexico annually.
• Electronics: Several states import electronics for various industries and could see disruptions in their supply chains, impacting the cost of consumer electronics and medical devices. 

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What About Retaliatory Measures? 

Retaliation from Canada and Mexico could further impact U.S. consumers and local economies. And there is a large risk that Canada and Mexico will retaliate to these tariffs. Leaders of both countries have already stated as much. According to media reports, Foreign Affairs Minister Mélanie Joly said Canada has come up with a plan for retaliatory tariffs on up to $155 billion worth of American goods. 

“We need to stand strong and send a clear message that Canadians will fight back,” Joly said.

After the 25% tariffs on Canada and Mexico were first announced, Mexican President Claudia Sheinbaum ordered retaliatory tariffs against the U.S. At a recent press conference, she said that her "Plan B" of retaliatory tariffs remains in place should Trump move forward with the imports on Mexico. 

Final Thoughts

The confirmation of tariffs on Canada and Mexico signals upcoming economic shifts that will impact businesses and consumers alike. While some states will feel the effects more than others, price increases on everyday goods are likely. As the situation unfolds, consumers should stay informed and consider adjusting their spending habits accordingly.

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