Transcript:
Conway Gittens: President Trump promises to impose tariffs on goods produced in Mexico, Canada and China. The products transported from Mexico will see a 25 % import tax. In addition to energy products, Canadian products will see similar amounts, and Chinese products will levy an additional 10 % tariff. These can start as of February 3.
The president warned that Americans would feel a little short-term pain-but what he missed was that the pain was felt by the steepest peak in inflation.
Related: 12 things about Trump’s new tariffs
Grocery stores are likely to be the first place most Americans feel influence. I said only $ 46 billion in foods from Mexico. I am talking about Alon, Mexican’s $ 46 billion in food. We have 20 % of fresh fruits and vegetables from our southern neighbors. This is not only avocado. Alcoholic beverages are also in the tariff list. I am talking about beer, turbine, and of course Messcar.
According to some estimates, your next new car may be at least $ 3,000. You may think that because your car is made in the United States, you will be immune, but even dozens of cars assembled in the border are dozens of parts made in Mexico and Canada.
Any steel you must replace will face higher tariffs, as Canada and Mexico will no longer be exempted from global steel tariffs.
House prices are already at or approaching the record high, which will be affected. 30 % of the types of wood used to build houses come from our neighbor Canada, and 71 % of the materials used in gypsum boards come from Mexico.
This is just the influence of tariffs on Mexico and Canada. The interior and outside of Chinese products are richer-from our cooking and food, the clothes wearing our feet and back, and what children play.
With the beginning of the Trump Trade War 2.0, Wall Street is in a stir. In the operation of Monday, the stock fell in full.
I am Conway, the New York Stock Exchange, with TheStreet.
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