What to know about Trump’s tariffs and their impact on businesses

U.S. President Donald Trump’s tariffs on imports from Canada, Mexico, and China have sparked an escalating trade war, with all three countries announcing retaliatory measures. The tariffs will lead to higher costs for consumers and businesses, impacting a wide range of products from cars to groceries. Canada, Mexico, and China have all imposed their own tariffs on U.S. goods, leading to potential GDP losses for all economies involved. U.S. businesses, especially in manufacturing and retail, will feel the impact, as supply chains are disrupted. Consumers can expect price hikes on a variety of goods, with some companies working to mitigate the impact. Prices may rise soonest on perishable items, leading to additional pressure on consumers’ wallets.

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