Trump’s tariffs and the effects of them (both short-term and long-term) are being heatedly debated. It can be hard to sort out the facts from partisan bickering. Louisiana Agriculture Commissioner Mike Strain joined WWL’s Tommy Tucker to sort out the facts around the news.
While China used to be the United States’ largest customer, Canada and Mexico have replaced them as our primary trading partners, according to Strain. He also notes that India and other smaller markets have become a focus of US interest in more recent years when it comes to trading.
So, what impacts could imposing tariffs on our primary trading partners have on your wallet? “Due to the tariffs if they’re fully implemented at 25% and then we see retaliatory tariffs at 12.5%, you would see roughly an overall increase in food prices of 3.5%”, Strain explains.
Some worry whether the tariffs will ultimately be paid directly at the checkout line or via higher taxes. Commissioner Strain warns that the political back and forth will ultimately be felt by consumers in all countries involved. “At the end of the day, the tariffs are paid by both the producers and the consumers", Strain says.
