ATLANTA — New tariffs on goods and services will take effect on Tuesday, which could have a big impact on your wallet.
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President Donald Trump signed the executive orders that could spark a trade war.
A local economist tells Channel 2′s Brittany Kleinpeter everyday consumers could see increases at the grocery store as soon as now--on everything from avocados to wheat, soybeans and alcohol.
Duties of 10% will be placed on all imports from China, where the majority of the world’s electronics come from and 25% on imports from Mexico and Canada.
President Trump is arguing that imposing full tariffs to Mexico, Canada and China will boost domestic production, and reduce illegal migration and the smuggling of fentanyl.
However, economist Tom Smith tells Kleinpeter that these changes are more likely to impact the average person’s pocketbook.
“I will be happy if we have less illicit products. I just don’t think that this is the process to do that,” Smith explained.
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The tariffs are set to go into effect on Tuesday.
Both Mexico and Canada have said they will be issuing tariffs on American goods. China only said it will take countermeasures if necessary.
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