President-elect Trump campaigned on using tariffs as a tool to secure more favorable international trade terms and bring in tax revenue, but they could impact the prices paid by consumers for imported products.Among the policies Trump has floated include an across-the-board tariff of 10% or 20% on all goods imported into the U.S., as well as a larger tariff of 60% on goods imported from China. He also said he would impose a 25% tariff on goods from Canada and Mexico.
At a press conference on Monday, Trump and one of his nominees to a key Cabinet post signaled they want to use tariffs to secure reciprocal trade terms with other countries.Commerce Secretary-designate Howard Lutnick spoke at a press conference on Monday with President-elect Trump and SoftBank CEO Masayoshi Son, who announced the Japan-based firm will invest $100 billion in the U.S. Lutnick responded to a press question about the incoming administration's tariff plans and explained that Trump 'has a very clear agenda for tariffs, and I think reciprocity is something that is going to be a key topic for us. How you treat us is how you should expect to be treated.'Trump weighed in and said, 'Tariffs – properly used, which we will do – and being reciprocal with other nations, it will make our country rich… I always say, to me, tariff is the most beautiful word in the dictionary.'The president-elect also pushed back on concerns the tariffs could raise prices for consumers based on the experience of his first term, saying, 'I didn't have any inflation and I had massive tariffs on a lot of things.'Uncertainty over how the tariffs will be implemented and the impact of the import taxes on consumers is likely to persist until the new administration takes office on Jan. 20, 2025, and begins to move forward with its preferred policies. Based on some of Trump's policy proposals from the presidential campaign, trade experts think there could be a significant price impact for consumer