President Trump set to enact new tariffs, impacting imported goods
TAMPA, Fla. (WFLA) – President Trump is expected to sign sweeping tariffs into law, which will impact nearly every imported good.
The President already announced the following that will go into effect on Wednesday:
A 25% tariff on imported cars
A pause on 25% tariffs on goods from Mexico and Canada expires
Tariffs of up to 20% on Chinese imports
Some business owners said once these tariffs go into effect, there will be no way to avoid raising their prices. They said people should be prepared to see higher prices on just about everything.
With the president set to announce sweeping new tariffs, business owners are left looking for ways to deal with the added costs.
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'We're going to pay for it upfront, but we're going to be forced to raise our prices,' said Cesar Grajales.
President Trump is calling April 2 'Liberation Day,' and is planning to put tariffs on imports from every country in the world.
With the 25% tax on all foreign-made cars and auto parts, Cesar Grajales, CEO of a St. Pete auto shop, said people will end up paying more.
'Everything is going to go up. All the parts are going to go up. Wheels, everything,' he said.
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While Grajales said car repairs will be more expensive, he believes the tariffs will be better for American companies in the long run. The CEO compared it to when Trump enacted tariffs during his first term in office.
'All the imported tires went up dramatically and it caused a big increase of sales of American-made tires, which we would much rather sell anyway,' Grajales said.
Some lawmakers have concerns about the impacts the tariffs could have on the economy.
'A lot of experts say that this is going to throw the country into a recession,' said Congresswoman Kathy Castor.
Congresswoman Castor said once the tariffs go into effect, people will be paying more for everyday items.
'Gasoline, construction supplies, fruits, and vegetables, all of those things now are going to be hit with higher costs, and all of that is going to be passed on to the hard-working people in our community,' she said.
President Trump is expected to announce details on the tariffs at the White House at 4 p.m. on Wednesday.
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