Businesses across the U.S. are bracing for economic ripple effects following Donald Trump's re-election and his pledge to impose sweeping new tariffs. Trump has proposed levies of 25% on goods from Canada and Mexico, alongside a 10% additional tariff on imports from China, sparking urgency among firms to adapt to potential cost increases. Some companies are stockpiling inventory, seeking alternative suppliers, and renegotiating contracts to mitigate the impact. The National Retail Federation estimates that added costs could affect prices for goods like apparel, appliances, and groceries.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Businesses across the U.S. are bracing for economic ripple effects
00:05following Donald Trump's re-election and his pledge to impose new sweeping tariffs.
00:10Trump has proposed levies of 25% on goods from Canada
00:13and Mexico alongside a 10% additional tariff on imports from China,
00:18sparking urgency among firms to adapt potential cost increases.
00:23Some companies are stockpiling inventory seeking alternative suppliers
00:27and renegotiating contracts to mitigate the impact.
00:30The National Retail Federation estimates that added costs
00:33could affect prices for goods like apparel, appliances, and groceries.
00:38For all things money, visit Benzinga.com.