The Trump administration plans to implement 25% tariffs on all goods from Mexico and Canada starting February 1. U.S. imports from Mexico and Canada comprise a significant portion of the country’s fuel, food, and automotive supply. Experts warn this could raise gasoline prices by up to 70 cents per gallon in regions relying on Canadian crude. U.S. shoppers may also see price hikes on products like agricultural goods, tequila, and auto parts. Tariffs on imports could impact U.S. car prices, as these countries account for nearly half of all motor vehicle and auto parts imports.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Trump administration plans to implement a 25% tariff on all goods from Mexico and Canada
00:07starting February 1st.
00:09U.S. imports from Mexico and Canada make up a significant portion of the country's fuel,
00:13food, and automotive supply.
00:15Experts warn that this could raise gasoline prices up to $0.70 per gallon in regions relying
00:20on Canadian crude.
00:22U.S. shoppers may also see price hikes on products like agricultural goods, tequila,
00:27and auto parts.
00:28Tariffs on imports could impact U.S. car prices as these countries account for nearly half
00:32of all motor vehicle and auto parts imports.
00:35For all things money, visit Benzinga.com slash GSTV.