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Companies do not eat taxes, Ramsey said.
Corporate taxes are built into the price of the item you buy.
Even if youre not directly involved in international trade, youll feel the ripple effect at the cash register.
Meanwhile, Mexico has been able export goods to the U.S. without facing the same penalties, theAPreported.
Still, Ramsey noted that tariffs are often a negotiation tool.
Instead, these moves may be designed to push for fairer trade agreements.
Nobody wants to get in a trade war, Coleman added.
If this negotiating tactic eventually works, the trade war could ease and prices could settle.
Dont act on worries that havent happened, he said.
If it starts messing with your wallet, then I would start making some adjustments to offset.
Focus on the things you’re able to control.
Build a strong financial foundation.Pay off debt.Stick to a budget.
So What Should You Do?
Ramsey wants Americans to stay informed, but not fearful.
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