(CNN) – Gas, produce and cars could get more expensive in the United States if President-elect Donald Trump follows through with new tariffs against Mexican and Canadian imports.
Trump has pledged to slap a 25% across-the-board tariff on all goods from the two nations on his first day in office.
Crude oil is one of the top U.S. imports from Canada. For gasoline, an expert says the tariff could cause an increase of 25 to 75 cents a gallon.
The U.S. imports about a fifth of all its agricultural products from Mexico. With 89% of imported avocados coming from Mexico, guacamole and avocado toast costs could skyrocket.
Vehicles are the top good the U.S. imports from Mexico. Nearly every American automaker depends on parts from Mexico to build its cars and trucks, so a tariff would likely end up raising prices in that sector as well.
Copyright 2024 CNN Newsource. All rights reserved.