Expert: Hoosiers Will Feel “Significant Effect” From President Trump’s Tariffs
Source: ANDREJ IVANOV / Getty
INDIANAPOLIS — Hoosiers will see a “significant effect” from President Trump’s decision to impose tariffs on China, Canada, and Mexico.
Trump announced the tariffs on Saturday, including a 10% hike for China and a 25% tariff for Canada and Mexico. All the new tariffs are set to take effect on Tuesday. Trump will be speaking with Canadian and Mexican leaders on Monday morning.
Canada is Indiana’s biggest overall trading partner. The state imported $11 billion worth of goods from Canada two years ago and sent the country 27% of the state’s exports.
“This is a choice that will harm Canadians, but beyond that, it will have real consequences for you, the American people,” said Canadian Prime Minister Justin Trudeau. “Tariffs against Canada will put your jobs at risk and violate the free trade agreement that the President and I signed, along with our partner in Mexico, a year years ago.”
Trump gave Canadian energy products a lower tariff rate to help stave off an increase in gas prices, but IU Kelley School of Business Professor Andrea Hausekrecht says families will still see an impact.
“They will see something like between $2,400 to $2,600 a year,” Hausekrecht said to WISH-TV. “So, that will be taking roughly about $200 additional expenses for the American household as a result of that.”
The changes aren’t just causing Hoosiers to take a pause at the pump, it’s the possible price increase of groceries they’re worried about too.
Trump defended his choice on Saturday, posting to Truth Social.
“Will there be some pain? Yes, maybe (and maybe not!) But we will make America Great Again and it will all be worth the price that must be paid.”