The tariffs are coming! And Republicans are going to be super unhappy when they realize that it will affect them more than Trump told them. Oopsie!
Business Insider reports that executives from a variety of companies have already announced that "price hikes are on the way if President-elect Donald Trump's tariff plans go into effect."
Just as a reminder, over the last few months of his frenetic campaign, Trump promised tariffs of 25%, 60%, 100% and 200%. Who knows where or what he will tariff!! It is a big surprise! Like when you bite into a chocolate chip cookie and realize the chocolate chips are actually raisins - not a good surprise.
If Trump blankets all imports from, say, China or Mexico, that would be bad. They are some of our biggest trading partners for goods that span auto parts, food and day-to-day goods and sundries. And those tariffs are obviously passed on to consumers who buy, even though Trump convinced his supporters that the selling country would pay the tariff.
In response, companies have started to publicly and privately talk about how these tariffs would impact the cost of their goods. Executives "have told analysts on earnings calls that it would be difficult to maintain current prices under Trump's broad tariffs." That means prices go UP. For consumers.
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