Overview

• Trump plans to impose a 25% tariff on imports from Mexico and Canada and a 10% tariff on Chinese goods, effective on his first day in office.
• Economists warn the tariffs could worsen inflation, raising prices on consumer goods like electronics, appliances, furniture, and vehicles.
• Analysts project U.S. households could face annual income reductions of $1,700–$2,600 due to the regressive nature of tariffs, with low-income families hit hardest.
• The European Union and other global trade partners are preparing potential retaliatory measures while exploring negotiations to mitigate the impact.
• Experts advise U.S. consumers to consider purchasing high-ticket items like electronics, appliances, and vehicles before tariffs drive up costs further.