GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
He says we might see the changes with our largest importers underTrumps tariff plan.
China
As our biggest importer, everyone is looking at what might happen with China.
Remember, the costs of increased tariffs will likely not be absorbed by countries like China.
Instead, theyll pass those taxes onto the consumer by raising prices.
Lokenauth also said, Some manufacturing might move to other Asian countries, like Vietnam or Thailand.
Mexico
Americas second biggest importer of goods is Mexico.
The whole NAFTA thing could get turned upside down, Lokenauth stated.
U.S. consumers save money on oil, pharmaceuticals, vehicles, car parts and machinery from Canada.
The prices of those items will no doubt rise if the tariffs hold.
With these raw goods, U.S. companies can produce lower-priced items for consumers.
Trumps tariffs could greatly impact the ongoing relationships between the U.S. and Europe.
In the end, we may see myriad changes in trade and business.
And as Lokenauth pointed out, Small businesses might struggle the most to adapt.
More From GOBankingRates
Share This Article:
