National Foreign Trade Council President, Jake Colvin, has warned that consumers “should expect to see higher prices for everything from groceries to home renovations to auto insurance as construction and repair costs rise.”
Colvin said this in a statement on Wednesday following Donald Trump's announcement on reciprocal tariffs.
“While the price of imported goods will undoubtedly rise, the president’s tariffs will also tack on added costs to American manufacturing, assembly and farming,” he said.
“There is simply no way to mitigate all of the added costs of inputs to finished goods from the administration’s complex and growing web of tariffs.”
The tariffs Trump announced will range from 10% to 49% on a country-by-country basis, according to a handout provided to reporters listing tariffs on 25 countries.
Trump said the level of tariffs that the U.S. will charge on imports from those countries was determined by calculating the level of tariffs and trade barriers those countries have in place on US-made products.
Cambodia had the highest tariff rate of 49%, followed by a 46% tariff on goods coming to the U.S. from Vietnam. The European Union faces a 20% tariff and China would have an additional tariff of 34%.
