SEATTLE, Wash. — On April 2, President Donald Trump will announce his plan for imposing tariffs on various countries.
This is coming at the same time economists say the threat of a recession is still looming.
We have been following these tariffs for you every step of the way, asking economists and state leaders how this will impact consumers.
The president’s message is clear: he wants to bring production back to the United States.
“We are going to take in millions in tariffs, we are going to be so rich we won’t know where to spend all that money,” he said.
We spoke with economists who are fearful of the impending 25% tariffs on cars, car parts, and Mexican and Canadian goods.
Financial Advisor Kashif Ahmed tells us this will impact everyone.
“You’re going to look at price increases on everything you could possibly think of,” Ahmed said.
In fact, he said your wallet is already feeling those impacts.
“They’re preemptively adding the cost to the stuff that’s getting imported and that’s already getting passed to consumers,” Ahmed said.
And if you want to buy a new car, we asked dealership managers like Mark King that, too.
“If you are thinking about a vehicle 60 days from now, pull yourself forward, if you can do it now, do it, we know today what we are dealing with,” King said.
King said that soon you could pay as much as $10,000 more for that car.
But for those day-to-day items, economists say making them in the U.S comes with a cost.
Ahmed’s main advice for you is don’t panic. He said keeping a diversified financial portfolio and sticking to a budget is key to wait the volatility out. We have seen Trump push back the tariff implementation deadlines multiple times already in the last minute, but the White House says this deadline is sticking.
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