Stock up while you can
As U.S. importers begin paying these tariffs on incoming shipments, the added costs will likely be passed down to American consumers. That means prices on many everyday items — including staples from your weekly grocery list — could rise.
For example, maple syrup prices are likely to climb. Canada dominates the global maple syrup industry, producing 75% of the world’s supply.
"That maple syrup is going to become more expensive," Thomas Sampson, associate professor of economics at the London School of Economics, shared with the BBC. "And that's a direct price increase that households will face."
Bob Hemesath, an Iowa farmer and board chairman of Farmers for Free Trade, warned of the potential fallout from the tariffs in a statement to CBS News. He emphasized that Canada, Mexico and China are "indispensable markets for the livelihood of the American ag economy." He warned that imposing tariffs on the top three export markets for American farmers and ranchers, especially if they remain in place long term, could have serious repercussions.
Consumers could also see price hikes on items such as cherry tomatoes, beer and tequila — if negotiations fall through. American political leaders are echoing concerns from farmers and shoppers alike. Senate Minority Leader Chuck Schumer weighed in on X, writing, “you're worried about grocery prices. Don's raising prices with his tariffs."
While it’s unclear when — or by how much — retail prices will rise, consumers should stay alert for any warning signs.
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Learn MoreWhat else will be impacted?
While household essentials are the most immediate concern, other industries aren’t escaping unscathed. Global automaker stocks took a hit as investors braced for the fallout of a potential trade war.
In U.S. pre-market trading, General Motors shares dropped 2%, while Ford fell about 1%. American-made vehicles could see price hikes as rising production costs inevitably trickle down to consumers. Shares in Mazda and Volkswagen, meanwhile, have also dropped overseas by 8% and 5%, respectively.
And while you might not be rushing to buy a new car tonight, it could be a good time to fill up your gas tank. Though not all oil imports are subject to tariffs, prices are already beginning to climb. U.S. West Texas Intermediate crude futures surged $2.19 (3%) on Monday morning to $74.72, hitting their highest point since Jan. 24 at $75.18 before cooling off at $72.49 later in the afternoon.
“Tariffs on Canadian energy imports would likely be more disruptive for domestic energy markets than those on Mexican imports and might even be counterproductive to one of the president's key objectives — lowering energy costs,” Barclays analyst Amarpreet Singh said in a note to Reuters.
President Trump claims these tariffs will boost job opportunities for Americans, particularly in steel and manufacturing. However, questions remain about whether they will truly deliver on that promise.
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