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An expert from Nova Southeastern University (NSU) warned this Wednesday that the imposition of tariffs on three of the United States' main trading partners by former President Donald Trump will cause families in South Florida to see a rise in prices on almost all products.
Albert Williams, associate professor of finance and economics at NSU, explained that tariffs generally lead to a rise in prices, and this time it could be reflected in everything from avocados to trucks manufactured in Mexico.
"If tariffs are added, imported trucks could cost us between $3,000 and $12,000 more per unit," noted the expert, quoted by the outlet Local 10.
Canada has responded with its own tariffs, while China warned that its response would be equally strong. Mexico has remained cautious, awaiting developments.
Despite the warnings, Trump defends his strategy, arguing that it will stimulate domestic production.
"There is no absolute right. There are always advantages and disadvantages," Williams stated. "One of the greatest benefits of a tariff is that government revenues collected at the border will significantly increase."
However, it remains uncertain how these earnings would benefit American families, he indicated.
Some economists estimate that the average household could spend between 1,000 and 2,000 dollars more per year due to tariffs.
"Everything is changing day by day. We like to analyze periods of 100 days, and we haven't reached that point yet. We hope to see some stability, but right now the world is very uncertain," commented Williams.
Other economists are closely observing the situation and assert that there is no reason to panic.
Nevertheless, some consumers may lean towards purchasing more U.S. products, although Williams warns that these could also become more expensive to remain competitive.
On his platform Truth Social, Trump recently told domestic producers: “To the great farmers of the United States: Get ready to start producing a lot of agricultural products to be sold within the United States.”
Finally, the president stated: “Tariffs will be applied to external products on April 2. Have fun!”
Frequently Asked Questions about the Impact of Trump's Tariffs in the U.S.
How will Trump's tariffs affect product prices in the U.S.?
Trump's tariffs will likely increase prices on nearly all products in the U.S., especially in South Florida. This is because tariffs raise the cost of imported goods, such as avocados and trucks manufactured in Mexico, which translates to higher costs for consumers.
How much more could American families spend due to tariffs?
Some economists estimate that the average household could spend an additional $1,000 to $2,000 per year due to tariffs. This increase is due to the additional costs that tariffs impose on imported goods, which are ultimately absorbed by consumers.
Which sectors will be most affected by Trump’s new tariffs?
The sectors most affected by Trump's tariffs include the automotive industry, energy, electronics, food, and alcoholic beverages. The tariffs will increase production costs and, consequently, consumer prices in these sectors.
What response have the main trading partners of the U.S. had to the tariffs?
Canada has responded with its own tariffs, and China has warned of a strong response. Meanwhile, Mexico has adopted a cautious stance, awaiting developments. These reactions reflect the growing trade tensions between the U.S. and its partners.
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