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Tariffs on Canada may also impact the cost of housing, including building, buying new and remodeling. Canada exports much of the lumber and cement used in U.S. construction. Car prices may also go up.
Tariffs have the potential to raise prices of goods, at least in the short term, that would be passed on to consumers, seemingly running counter to Trump's pledge to reduce inflation.
For example, when Trump imposed tariffs on steel and aluminum imports in 2018, six trading partners — Canada, China, the European Union, India, Mexico and Turkey — imposed retaliatory tariffs.
As a result, U.S. gas prices could shoot up 30 to 40 cents a gallon, and potentially up to 70 cents, soon after Trump levied the tariffs on Canada, Patrick De Haan, head of petroleum analysis at ...
On May 17, 2019, the U.S. reached a deal to lift the steel and aluminum tariffs on Mexico and Canada. Lifting the tariffs were seen as helping pave the way for further ratification of the United States–Mexico–Canada Agreement. In a joint statement, the Canadian and the U.S. governments said the U.S. will scrap the metals duties within two ...
Trump's proposed tariffs could impact the price tag for a variety of products. Oil is the top import from Canada to the U.S., according to the U.S. Energy Information Administration .
While it's possible the tariff threats are part of Trump's negotiation strategy, there has been a sharp increase in apprehensions at the US-Canada border over the past year. From October 2023 ...
Consumers may focus on imported goods when they assess how tariffs affect the prices they pay, and domestic industries will be affected, too, said Hadley Douglas, who co-owns the Urban Grape wine ...