Trump's tariffs could cost Canadian families up to $10,800
It is estimated that the annual costs that an average Canadian family will incur due to the tariffs announced by U.S. President Donald Trump will range from approximately $5,400 to $10,800 CAD, according to ABC News. The prices of certain food and household items may rise.
The new tariffs will affect American families and increase the living costs of many households, the station emphasized.
According to an analysis by the Budget Lab institute at Yale University, tariffs this year will cost a household $5,100 CAD, which is an increase of about 2.3%.
Trump's tariffs. Here's what will become more expensive
An increase in the prices of various household goods and food products, such as bananas, is expected. Industry representatives point out that many products, such as cocoa, coffee, spices, and tropical fruits, are not produced in the U.S., which means food prices will rise. Tariffs may also impact the production process of items like diapers and lotions.
ABC News noted that infant formula is also subject to tariffs, although in the past these types of goods were exempt from additional charges.
Tariffs will also influence the cost of toys and other products intended for children, such as car seats. A group of Democratic Party politicians has called for the exemption of children's goods, such as car seats and cribs, from tariffs.
New Trump tariffs. Here are the details
Donald Trump announced on Wednesday, during Liberation Day, "retaliatory tariffs" on the entire world: 10% on all imports and 25% on foreign cars. He then showed a list of countries and tariff rates that would apply - in the case of the European Union, this will be 20%. The general tariffs came into effect on April 5, while the additional tariffs for specific countries began on April 9.
During a news conference in front of the White House, the U.S. President claimed these would be "nice tariffs," not as steep as those imposed on the U.S. by other countries. He argued that with this tariff policy, America would become prosperous again.
On Monday, the U.S. President indicated that he is willing to negotiate, but on "tough terms", and signaled a desire to stick with the tariffs. Before the opening of the New York Stock Exchange, he stated that he does not intend to abandon his policy even in light of the sharp declines in the stock market.
