Xinhua News Agency / Shutterstock.com
One of Trump’s most notable policies is his tariff plans. Although the fine details have not been announced, president-elect Trump has floated various ideas, such as a 60% tariff on goods from China, a flat 20% tariff on every import, and a 100% tariff on Mexican-made goods.
Learn More: 4 Economic Shakeups That Could Happen on Day 1 of Trump’s Presidency
Find Out: 4 Unusual Ways To Make Extra Money That Actually Work
Tariffs are taxes created and imposed by governments on imported goods. Tariffs aren’t a new concept. In fact, most countries already have tariffs in place. However, Trump plans to raise tariffs across the board, which could mean higher prices on the goods you purchase.
“There is a quasi-consensus that Trump tariffs risk feeding inflation through increased production costs for imported goods,” said Jean-Baptiste…
