How Trump’s tariffs could affect Minnesota consumers, according to experts

MINNEAPOLIS — While President-elect Donald Trump said his plans for tariffs would persuade countries to put an end to illegal drugs and migrants, experts said announced 25% tariff on all goods from Canada and Mexico, and even more so on Chinese goods, will increase the cost of almost every good imaginable.

“Even if it is implemented for just a few days or a week, it will have a very rapid impact,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Canadian tariffs would mean Minnesotans would pay between 35 and 50 cents more per gallon for gasoline, depending on the season, De Haan said. That’s because much of our state’s crude oil comes from Canada.

) “Economists generally agree that this means these tariffs will be passed on to consumers,” said Tyler Schipper, an associate professor of economics at the University of St. Thomas. “Many Fords are currently made in Mexico, so Ford cars could come to the U.S. and be 25% more expensive.”

Best Buy’s The CEO is now warning that buyers will have to bear the higher costs of electronics.

“Those Chinese imports at Best Buy would be more expensive and probably close to that 25% tariff rate,” Schipper said.

Schipper said the general belief among economists is that tariffs hurt the economy and have led to trade wars in the past.

Higher costs would be particularly damaging now, when inflation is hitting Americans particularly hard, he said.

“This is costly for both American businesses and American consumers,” Schipper said.