WASHINGTON (DC News Now) — The new tariffs on imports from Mexico and Canada are set to cost us more across the board.
We could pay more at the grocery store, car dealership, gas stations and even on new homes.
That includes at Target, where the CEO said customers will “likely” see price increases.
“A lot of our agricultural produce, especially during winters, comes from Mexico,” said Kislaya Prasad, a research professor with the University of Maryland’s Robert H. Smith School of Business. “From Canada, some of the things that we get from there [include] automobiles. But [a price increase] is going to be down the road.”
Prasad said it may take longer for some items to go up, but others – including produce like avocados – will go up within days.
“That’s something that you can’t hold a lot of,” he said.
The news of the tariffs was a cause of some concern for Washington, D.C. residents.
“I’m thinking about so many of my neighbors who have already been tried by inflation, by losing jobs,” said Ty Hobson-Powell. “I mean, we’re looking at just crazy conditions.”
Howard University student Rebbie Davis said she wanted to know how a resolution to the trade war would help “the average American.”
“There were times where I used to look forward to being an adult and graduating, getting a car and an apartment,” Davis said. “But now it’s just, ‘Am I ever going to be able to afford those things with an average job?’ It’s very scary.”
Prasad predicted that the tariffs may not last long because President Trump could face pressure after the reaction from the stock market and business owners.
“I think tariffs are most useful when they are a threat,” Prasad said. “So I’m hoping that this is not a long-term thing.”
