The holiday season is upon us and so is the shopping that goes along with it. While shoppers are preparing their list of items to purchase, many are bracing for the impact tariffs could have on their wallets in the future.
“I’m in an industry as well where a lot of the goods that I use come from China, so I have that. I have groceries that come from Mexico, all sorts of things," shopper Samantha Purviance told NBC 7. "And having a family of five, and then with my daughter’s boyfriend six of us at home, yeah, I’m concerned about how expensive it’s going to be."
President-elect Donald Trump recently announced a slate of tariffs he would impose on imported goods.
The proposed tariffs range from 10-60% on various countries, including Mexico, China and Canada. Food, textiles and electronic items are some of the items the trading partners import and export to the U.S.
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Many economists stress that the tariffs would hurt U.S. consumers and the nation's economy.
“Those three countries, Canada, Mexico and China, in that order are the three largest trading partners for the U.S.," said Dr. Alan Gin, an economics professor at the University of San Diego. "We sell more goods to Canada than any other country. We buy more stuff from China than any other country. So, the tariff on imports is going to impact prices. It’s going to cause the prices of goods to go up."
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Gin said the impact will be felt in the buying power of Americans.
“This is going to reduce the buying power of people," Gin said. "When prices go up, your real income, which is income adjusted for inflation, is going to decline, so people will not be able to afford to buy as much if prices go up due to these tariffs."
Supporters of the tariff proposals say that it will protect American interests.
Trump spoke with Mexican President Claudia Sheinbaum and met with Canada’s Prime Minister Justin Trudeau amid the ongoing discussion about tariffs.
Economists will monitor the immediate and long-term impact of the tariffs if they are enacted, according to Gin.
