Will your wallet feel the pinch from Trump's new tariffs?

President Trump's proposed tariffs could increase prices on various imports from Canada and Mexico. A 25% import tax targets goods such as gasoline and guacamole, potentially provoking retaliatory measures from these countries. Ontario's Premier Doug Ford plans to remove American liquor from Canadian shelves, impacting the U.S. distilled spirits market. The tariffs may jeopardize the U.S.-Mexico-Canada Agreement (USMCA), raising concerns among analysts about trade relations. The tariffs aim to enforce stronger actions against illegal immigration and drug trafficking. Experts suggest this move may also serve as leverage for compliance with upcoming changes to the USMCA. Trade deficits with Canada and Mexico have risen since the USMCA's enactment, while critics note that the agreement's original goals have not been met. Proposed tariffs could significantly raise the financial burden, predicting an increase for Mexican imports from $1.3 billion to $132 billion and for Canadian imports from $440 million to $107 billion. Companies are adjusting strategies in response to potential tariff impacts, while Canadian and Mexican leaders prepare retaliatory measures targeting U.S. agricultural sectors and manufacturers.

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