Minnesota companies were assessing the damage Tuesday of the nascent trade war between the United States and its three biggest trade partners, an escalating tit-for-tat that could affect billions of dollars in state imports and exports.
Economist John Spry predicts with the new Trump tariffs, the price is going up. “Roughly $100 a month more for the stuff you buy for as long as they’re in effect,” explains Spry, a finance professor at the University of St. Thomas. “These are big tariffs: 25% on everything from Canada and Mexico, except for a lower 10% on energy.”
Two of America’s largest retailers, based in Minnesota, are warning prices will increase following President Donald Trump’s new tariffs on imported goods from Mexico, Canada and China.
Strib Voices publishes a mix of commentary online and in print each day. To contribute, click here . ••• “We believe in comparative advantage,” Cargill CEO Brian Sikes said at an Economic Club of Minnesota event last week.
Commerce Secretary Howard Lutnick said later on Tuesday that the U.S. would likely meet Canada and Mexico “in the middle,” with an announcement coming as soon as Wednesday. Lutnick told Fox Business News the tariffs would not be paused, but that Trump would reach a compromise.