In a matter of days, President Donald Trump's administration reignited a trade war with Canada, pledged to bring about an "economic D-day" for Iran and spooked representatives from the U.S. cattle industry with its plans to import 300,000 metric tons of beef.
Shikha Jain, a Simon-Kucher partner and lead of the consumer sector for North America, said these decisions mean U.S. consumers will likely pay more for items imported from Canada and face higher costs at the gas pump. They could, however, see lower beef prices given the proposed imports, though details of that plan remain unclear.
As many Americans continue battling rising costs, here’s a look at these new economic developments and what they mean for your wallet.
More: CPI report shows inflation cooled again, but still outpaced paychecks in July
The Trump administration first announced new tariffs on an estimated 5% of Canadian imports July 20 and said they were scheduled to take effect on Aug. 19. In an Aug. 18 statement, Trump paused their implementation for three days as trade talks between the two nations continued. Late last week, those negotiations fell apart.
