Tariffs on goods from Mexico and Canada that are set to take effect could hike the price of a gallon of gasoline for some drivers by as much as 70 cents and send grocery bills climbing, experts told ABC News. The Trump administration this week reiterated plans to slap 25% tariffs on all products from Canada and Mexico on Feb. 1. Those countries make up two of the three largest U.S. trading partners, government data shows. Tariffs of this magnitude would likely increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers, experts said. The policy could raise prices for an array of products ranging from tomatoes to tequila to auto parts. “The scary thing is the list
Tag Archives: GasPrices
Canada’s annual inflation rate decreased to 2.7% in June, primarily due to a slowdown in the year-over-year increase of gasoline prices, according to Statistics Canada. On Tuesday, the agency reported a 0.4% rise in gasoline prices in June, following a significant 5.6% increase in May. Excluding gasoline, the consumer price index rose by 2.8% in […]