When tariffs hit, Canada’s crucial oil exports to the US come under the microscope. The northern neighbor supplies 60% of American crude, and a tariff-induced price hike could send gas prices soaring by 30%. That translates to a staggering $1.2 trillion per year in extra costs.
So, the next time you fill up, expect your wallet to feel the pinch — and your road trips to become a little less frequent. It's a simple equation: tariffs lead to higher prices, and when it comes to oil, that means more expensive gas. Time to get cozy with your bicycle, perhaps?
Mexico is a major player in the US car industry, with 2 million jobs tied to car manufacturing and parts production. But with tariffs looming, the consequences could be costly — resulting in a $150 billion dip in GDP. From assembly lines to the showroom floor, this impact could be felt across the economy.
Higher production costs could drive up car prices, leaving consumers and manufacturers in a tough spot. For millions of workers in both countries, it’s not just the price of a new ride that’s at stake, but their livelihoods as well.
Denmark and Greenland play a pivotal role in supplying rare earth minerals used in aircraft parts, contributing $6.4 billion to global trade. However, with tariffs creeping in, these materials could become significantly more expensive.
This hike in costs could disrupt the aerospace industry, leading to pricier planes and possibly delaying manufacturing. From commercial jets to military aircraft, the ripple effect of tariffs on rare earth minerals could leave us with both higher ticket prices and a tighter supply of cutting-edge aviation technology. Looks like our flying future might come with a steeper price tag.
When it comes to auto parts, Mexico is essential — supplying 40% of electrical auto components to the US market. With tariffs in place, this crucial trade could face disruptions, leading to higher costs for both manufacturers and consumers.
A ripple effect through the supply chain could mean price hikes for electric vehicles, parts, and repairs. The automotive industry depends heavily on this cross-border trade, and any shift in these dynamics could rev up prices, making it a bumpy ride for everyone from car buyers to manufacturers. Buckle up — it’s going to cost more to keep those electric wheels turning.
Sending a package just got a lot more expensive. Thanks to tariffs, Panama, a key player in global shipping, could see shipping costs rise by 25%. That’s an extra $50 billion in costs — impacting everything from online shopping to business deliveries. Whether you're waiting for a birthday gift or sending your own, expect higher shipping fees.
Your Amazon cart just went up in price, and those international shipments could take a bigger bite out of your wallet. So, next time you click "check out," remember: shipping costs aren't just the cherry on top — they’re getting a whole lot more expensive.
Mexico plays a crucial role in supplying mechanical auto parts to the US, contributing a staggering $800 billion to the industry. However, with tariffs in place, this vital supply chain could experience serious disruptions.
Higher production costs would likely drive up the price of everything from engines to transmissions, affecting both car manufacturers and consumers. The $800 billion trade in mechanical parts is more than just a number, it’s a cornerstone of the automotive industry, and any hiccup in this trade could leave drivers paying more at the dealership and repair shop.
The global smartphone industry heavily relies on a complex supply chain, with key components often sourced from countries like China, South Korea, and Taiwan. Tariffs on electronics mean production and shipping costs increase, making these already pricey gadgets even more expensive for U.S. consumers.
These days, smartphones are more of a necessity than a luxury, and tariffs only make the barrier-to-entry more difficult for low-income citizens.
Many products sold on online marketplaces like Amazon and Temu are sourced from overseas manufacturers, primarily in China. Tariffs on these imported goods can increase the cost of shipping and the final price for consumers, from electronics to clothing and household goods.
Consumers drawn to these platforms for bargains might feel the pinch as prices rise across categories.
(GoToVan/The first Amazon Go Store, Downtown Seattle/CC BY 2.0/Flickr; Trong Khiem Nguyen/Temu/PDM 1.0/Flickr)
A significant portion of the fruits and vegetables consumed in the United States, including avocados, are imported from countries like Mexico. Tariffs on these imported goods can increase the cost of food, making it less affordable for consumers.
Because produce is a staple in most households, rising costs would affect consumers across all income levels, particularly during times of inflation.
Similar to laptops and tablets, the production of PCs and monitors relies on a global supply chain. Tariffs on imported components, such as display panels, processors, and memory modules, can increase the overall cost of these products.
As work-from-home setups and gaming continue to drive demand, higher prices for these devices could be a significant burden, particularly for budget-conscious buyers.
Video game consoles like PlayStation, Xbox, and Nintendo Switch are often manufactured in countries like China and imported to the U.S. Tariffs on electronic goods mean higher costs for importing these consoles, which manufacturers typically pass on to consumers.
With gaming being a booming industry, even a small price hike can significantly impact gamers and families looking to purchase consoles for entertainment. Key components like semiconductors, processors, and specialized electronic parts often originate from nations like Japan, South Korea, and China.
Flat-screen TVs and smart TVs are commonly produced in countries like South Korea and China. Tariffs on imported TVs can directly impact their retail prices.
As manufacturers face higher costs due to tariffs, they may adjust their pricing strategies to maintain profitability, ultimately leading to increased costs for consumers.
The production of laptops and tablets involves a complex supply chain, with components sourced from various countries, including China, South Korea, and Taiwan. Tariffs on these imported components can increase the manufacturing costs for these devices.
Since laptops and tablets are essential for work, school, and entertainment, the added expense would be felt by students, professionals, and families. The reliance on international supply chains makes it difficult for manufacturers to avoid passing these costs onto consumers.
A wide range of computer accessories, including keyboards, mice, webcams, and headphones, are manufactured in countries like China. Tariffs on these imported accessories can increase their retail prices, making them more expensive for consumers.
Consumers and businesses relying on affordable tech tools may feel the impact, especially in industries where these accessories are used in bulk.
High-end headphones often incorporate premium components sourced from various countries. Headphones, from budget earbuds to premium models like AirPods, are often manufactured in countries like China.
For music lovers and remote workers who rely on headphones for communication, the price hikes from tariffs will be a noticeable expense. Tech products are already outrageously priced, and tariffs only make it worse.
