How will the Canada and Mexico tariffs impact North Carolina?
RALEIGH, N.C. (WNCN) — U.S. tariffs on goods imported from Mexico and Canada are now in effect and they could impact North Carolina wallets.
'Some people say tariffs are just a money maker for the country because the exporter pays the tariff,' North Carolina State University economist Mike Walden said. 'That's actually not correct.'
Walden explained how tariffs impact importers when they buy products.
'If I have a toy company and I buy toys from China, I pay the tariff, not the toy manufacturer in China,' he said. 'That means that I'm likely going to raise my prices to my customers.'
Walden said some of the biggest impacts consumers could see are oil from Canada, which could impact gas prices, in addition to motor vehicle parts and lumber. Prices at grocery stores could also increase.
'We could see impacts on housing prices, housing construction prices,' he said. 'From Mexico, we also import vehicles. Mexico is a big vehicle assembly country and we also import a lot of fruits and vegetables.'
In addition to North Carolina consumers, some North Carolina-based companies will also be impacted.
'Companies in North Carolina most impacted would be some agricultural companies and food processing companies,' Walden said. 'We export poultry. We have a lot of companies in North Carolina that manufacture auto parts. We're a state that exports pharmaceuticals and a variety of other things.'
According to Walden, North Carolina residents could see prices on some of these products like gas go up within the next couple of weeks. North Carolina residents could also see the inflation rate rise by a full percentage point as a result of the tariffs, which worries some economists.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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