President Donald Trump has taken executive action to impose new tariffs on imports from Canada, China, and Mexico. The tariffs were scheduled to take effect at 12:01 a.m. on Tuesday, but Trump later announced that tariffs on Mexico and Canada would be delayed by one month.
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TechTranscript
00:00We may have short-term some little pain and people understand that.
00:04President Donald Trump's tariffs on America's three largest trading partners
00:08could result in some price hikes on store shelves.
00:11The White House is imposing a 25 percent tariff on goods from Canada and Mexico
00:15and a 10 percent tariff on goods from China.
00:18But the tariffs on Mexico and Canada are now delayed by one month.
00:22If Trump sees the tariffs through, grocery staples like avocados,
00:25tomatoes, strawberries, and cucumbers could see price hikes since roughly
00:29half of vegetables consumed in the U.S. and 40 percent of imported fruits originate from Mexico.
00:35Increases could also come quickly for live cattle and beef on both sides of the border
00:40since the U.S. and Canada have the largest two-way trade in the world.
00:43And even frozen fries and other prepared potato products could see
00:47impact since Canada sent $1.7 billion worth to the U.S. in 2023.
00:53U.S. consumers could also see hikes to other products like gasoline,
00:56cars, electronics, toys, lumber, and more.