MIAMI (WSVN) - Following a Trump administration move to place tariffs on Mexico, Canada and China, South Floridians are worried they could pay the price.
Several people who spoke to 7News, Tuesday, said they are already feeling the effects of the tariff and wonder how it will impact their wallets.
“I swear it was like a dollar less yesterday,” said Hector Valenzuela.
“Our groceries are going to go up and gasoline has been very high and that’s probably going to go up more,” said Christine Corson.
Trump announced 25% tariffs on goods coming from Mexico and Canada and a 20% total tariff on goods coming from China.
Experts said Mexico supplies more fruits and vegetables to the United States than any other country, while Canada leads in exports of grain, livestock, meats and more. This latest move by the White House, they say, could leaving the prices of everyday goods like produce and groceries increased here in South Florida.
“Everyone’s going to feel it, unfortunately. I mean, they don’t call it trade war for nothing, right?” said John Gillet, financial expert at Gillet Agency. We here in South Florida, we enjoy avocados, of course, and we’re going to see some increases there. More than likely berries, strawberries coming out of Mexico. We can expect a little bit of discomfort in the wallet.”
Grocery shoppers and gas pumpers wonder how this move will help their economies.
“I’m just trying to, you know, do my best out here and I don’t think prices increasing will really help me or my family live,” said Valenzuela.
“Not going to be good for the economy,” said Corson.
Gillet said that while the pocket pinch is likely temporary, its impacts will reach far beyond food.
“6.5% or higher in automobiles. You know, computers, 10.6%, 11% thereabouts. So we should start feeling it sooner than later,” he said.
Now, South Florida businesses will have to decide whether to absorb these increased costs or pass them off to consumers
If they feel the pinch, they may buy less, right? And of course, these businesses will have to find creative ways to give discounts,” said Gillet.
Trump is expected to address this topic during his joint address to Congress Tuesday night.
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