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His Day One agenda will include hefty tariffs and aspecial revenue serviceto uphold campaign pledges.
These actions could instantly help some groups and may create long-term economic stability or potentially international backlash.
As Jan. 20 approaches, Americans are preparing for potential economic effects that may affect their known and unforeseenfinances.
These tariffs, if implemented, would likely lead to price increases across a wide range of products.
New vehicles will cost more to American drivers.
This could raise the cost of shoppers fruit and vegetables or more.
Most of theelectronics and household applianceswe use come from China, which will also likely become more expensive.
Clothing and footwear prices may rise, too, undoubtedly hurting already limited consumer spending on essentials.
This could help lower gasoline prices.
Furthermore, reverting emissions limits to levels seen under the previous administration may reduce electric bills.
In some areas, this could result in 5 to 10% savings onmonthly utility expenses.
But the impact of these policies might be even longer lasting.
However, air pollution will cause higher healthcare costs.
This change would alter the U.S. approach to taxing international trade and collecting tariffs.
Tariffs are taxes on imported goods that consumers ultimately pay through higher prices.
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