Economist and Echelon Wealth Partners co-founder Peter Schiff warned that President Donald Trump‘s planned 50% tariffs on Canadian autos, trucks, auto parts and steel could hit American consumers hard, arguing that the duties would make goods that Americans rely on "vastly more expensive" to buy.
Cost of Living Crisis
Schiff, taking to the social media platform X, said that the “50% tariffs on Canadian autos, trucks, auto parts and steel” would hit Americans “hard,” as many were dependent on Canada for “a lot of those goods.”
He added that the aforementioned goods would be “vastly more expensive for Americans to buy,” which would intensify the “government-created cost of living crisis.”
Tariffs on Canada have been criticized by several Democratic Party lawmakers. Gov. Gretchen Whitmer (D-MI) said that the tariffs on Canadian goods would raise taxes on Michiganders, while adding that it could also result in job losses in the state’s auto industry.
