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Trump鈥檚 tariffs on Mexico, Canada and China take effect Saturday

President Donald Trump says sweeping tariffs on major trading partners are coming this weekend and economists say they could impact your wallet.

Trump鈥檚 tariffs on Mexico, Canada and China take effect Saturday

President Donald Trump says sweeping tariffs on major trading partners are coming this weekend and economists say they could impact your wallet.

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Trump鈥檚 tariffs on Mexico, Canada and China take effect Saturday

President Donald Trump says sweeping tariffs on major trading partners are coming this weekend and economists say they could impact your wallet.

President Donald Trump said he will impose new tariffs on America鈥檚 three largest trading partners starting on Saturday, as promised during his campaign. Trump told reporters on Friday evening that there is nothing those countries can do at this point to delay implementation. 鈥淲e are not looking for a concession, we will just see what happens,鈥� Trump said. According to the White House, the package includes 25% tariffs on Mexico and Canada, and 10% tariffs on China. It鈥檚 all part of Trump鈥檚 pressure campaign on those countries to stop the flow of immigrants in the country illegally and deadly fentanyl into the United States, while also addressing trade imbalances. "They are making it possible for this poison to get in, number one, and, number two, we have big deficits," Trump said. Tariffs are a tax on foreign imports but those added costs are often passed on to American consumers. 鈥淭ariffs don't cause inflation, they cause success,鈥� Trump said when asked about those concerns. 鈥淭here could be some temporary, short-term disruption.鈥滶rica York, vice president of federal tax policy for the Tax Foundation, said their analysis suggests Trump鈥檚 plan would amount to a tax increase of more than $100 billion per year. 鈥淭hat would mean a tax increase of more than $800 per U.S. household on average,鈥� York said. York said consumers could notice higher prices on a wide range of products. Mexico is a major source of fresh produce, like avocados, especially in the winter months. "Consumers will either notice higher prices at the grocery store or they'll notice less availability," York said. From China, electronics like cellphones, clothing items and toys could be impacted. Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, said the auto industry could also be hit hard. She said Trump鈥檚 tariffs could drive up manufacturing costs and sticker prices for shoppers. Trump allies argue this could be an incentive to ramp up domestic production. 鈥淭he Canadian, Mexican and American auto sectors are highly intertwined. Parts transport across the border. They go back and forth many times. At each point there would be a 25% tariff applied,鈥� Ziemba said. Ziemba said consumers, especially in the Midwest, could face higher gas prices too. 鈥淭hey will probably increase the prices people are paying at the pump, initially in regions that are more reliant on Canadian and Mexican crude,鈥� Ziemba added. On Friday, Trump said he was considering a slightly lower tariff of 10% on oil imports. As of Saturday morning, the White House hadn鈥檛 announced a decision.It also remains unclear how long the tariffs will remain in effect and what the scope of the response could be from targeted countries. Canada and Mexico have both said they鈥檙e preparing retaliatory tariffs. During Trump鈥檚 first administration, China鈥檚 response took aim at rural America. Exports of soybeans and other products fell, prompting the federal government to reimburse farmers for those losses. Canadian leaders have floated other politically painful targets, from Florida oranges to Tennessee whiskey to Michigan dishwasher manufacturers.

President Donald Trump said he will impose new tariffs on America鈥檚 three largest trading partners starting on Saturday, as promised during his campaign.

Trump told reporters on Friday evening that there is nothing those countries can do at this point to delay implementation.

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鈥淲e are not looking for a concession, we will just see what happens,鈥� Trump said.

According to the White House, the package includes 25% tariffs on Mexico and Canada, and 10% tariffs on China.

It鈥檚 all part of Trump鈥檚 pressure campaign on those countries to stop the flow of immigrants in the country illegally and deadly fentanyl into the United States, while also addressing trade imbalances.

"They are making it possible for this poison to get in, number one, and, number two, we have big deficits," Trump said.

Tariffs are a tax on foreign imports but those added costs are often passed on to American consumers.

鈥淭ariffs don't cause inflation, they cause success,鈥� Trump said when asked about those concerns. 鈥淭here could be some temporary, short-term disruption.鈥�

Erica York, vice president of federal tax policy for the Tax Foundation, said their analysis suggests Trump鈥檚 plan would amount to a tax increase of more than $100 billion per year.

鈥淭hat would mean a tax increase of more than $800 per U.S. household on average,鈥� York said.

York said consumers could notice higher prices on a wide range of products.

Mexico is a major source of fresh produce, like avocados, especially in the winter months.

"Consumers will either notice higher prices at the grocery store or they'll notice less availability," York said.

From China, electronics like cellphones, clothing items and toys could be impacted.

Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, said the auto industry could also be hit hard. She said Trump鈥檚 tariffs could drive up manufacturing costs and sticker prices for shoppers. Trump allies argue this could be an incentive to ramp up domestic production.

鈥淭he Canadian, Mexican and American auto sectors are highly intertwined. Parts transport across the border. They go back and forth many times. At each point there would be a 25% tariff applied,鈥� Ziemba said.

Ziemba said consumers, especially in the Midwest, could face higher gas prices too.

鈥淭hey will probably increase the prices people are paying at the pump, initially in regions that are more reliant on Canadian and Mexican crude,鈥� Ziemba added.

On Friday, Trump said he was considering a slightly lower tariff of 10% on oil imports. As of Saturday morning, the White House hadn鈥檛 announced a decision.

It also remains unclear how long the tariffs will remain in effect and what the scope of the response could be from targeted countries. Canada and Mexico have both said they鈥檙e preparing retaliatory tariffs.

During Trump鈥檚 first administration, China鈥檚 response took aim at rural America. Exports of soybeans and other products fell, prompting the federal government to reimburse farmers for those losses.

Canadian leaders have from Florida oranges to Tennessee whiskey to Michigan dishwasher manufacturers.