Update New Tariff Information: Trump Has Ordered Study

Trump Decides Not To Start Tariffs Day One

One hour from when I started updating this, Reuters is reporting that Trump will issue a trade memo today (January 20, 2025) that calls for a study of the trade between the United States, Canada, Mexico and China. There are not expected to be any tariffs issued today.

Canada Isn't Pleased

The Associated Press reported (Friday, January 17, 2025) that the Canadian foreign minister, Melanie Joly, said that Canada will retaliate if tariffs are imposed that will put pressure on the USA. She is quoted as saying, “If we need to retaliate we will do so. And Americans will discover Trump’s tariff tax,” after she met with Senators in Washington.

Who Really Pays The Price Of Tariffs?

Make no mistake about it, we, the consumers pay it in the end. Most definitions were very similar to this from Bank Rate:

...consumers often end up bearing the burden of tariffs, as companies pass along higher production costs to consumers

They can say whatever they think will sound good to you and me, but the bottom line, get ready to pay more when these tariffs go into action.

As of now, it's a study. When this story progresses, we'll pass along the information.

Tariffs Are Coming In 2025

A couple of weeks ago, Americans, and Montanans, made it clear that they don't mind paying more for goods coming in from other countries, especially China. President-elect Trump has promised high tariffs on goods imported from outside of the USA. (Like the British did on the tea back in the day before there was an America.)

Even though Americans said it was ok to pay more for imports, it would still be nice to stock up on some necessities before the tariffs raise prices on some of our most basic necessities, and some not-so-basic things.

I did some research, and I found some items that are considered shoe-ins for tariffs.

How Much Are The Proposed Tariffs?

From ABC Business, NPR, and Forbes:

Trump wants tariffs of 60-100% on goods from China and 10-20% from all of our trading partners. Economists forecast that that will raise prices for the average American household by around $2,600 a year or about $217 a month, according to PIIE.

One way to save, for now, would be to stock up on items you think you may need in the near future.

Here Are Some Of The Items Montanans Will Want To Stockpile

• Electronics: Around 90% phones, tablets, laptops, video gaming consoles, headphones, video cameras and the like are imported. Laptops are expected to jump in price 46% and smart phones around 26%
• Clothing: America imports around 80% of our clothing. Clothing prices are expected to rise by 20%
• Toys: America imports about 90% of toys, ESPECIALLY from China. Toy prices are expected to rise 55%
• Food: 32%-35% of fresh fruits and vegetables consumed by Americans are from Canada and Mexico.
• Petroleum: Both crude petroleum and gasoline come from Canada
• Cars: GM, Ford and Stellantis all have cars manufactured in Canada and Mexico

The best weapon is knowledge.

Do you go get a tv and laptop and store it for a rainy day? Maybe you pull the trigger on new phones for the family this Christmas. Or maybe even a car. I know I'm thinking about buying extra electronics and storing them. 4 years is a long time in electronics land.