The tariffs that President Donald Trump is imposing on Canada, China, and Mexico, the three largest U.S. trading partners, could cost the average American household $1,200 a year at a time when many are desperate for lower prices after years of inflation eating away at their bank accounts.
Trump slapped additional 10% duties on imports from China and 25% levies on goods from Canada and Mexico over the weekend (the exception is a 10% tariff on Canadian oil). Canada has already responded with 25% tariffs on a variety of American goods, including groceries and alcohol, and Mexico and China have also promised retaliation. The tariffs are scheduled to take effect Tuesday, though Mexican President Claudia Sheinbaum announced a one-month reprieve for the country on Monday.
