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12 Things To Buy Immediately Before The Cost Of Donald Trump’s Import Tariffs Kicks In
Answering recent questions from reporters about the upcoming tariffs on goods from Canada, Mexico, China and, eventually, other countries, including the European Union, President Donald Trump, in particular, said: "Tariffs do not cause inflation. They cause success."
Well, maybe this time it will be different, but as a former university professor of economics, I want to sincerely doubt that. At least, all economic history shows quite the opposite - as a result of trade wars, the poor usually suffer. Simply because the prices of goods go up. For example, today we can already prepare for price hikes on these 12 things.
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Maple Syrup
The US is the world's second-largest exporter of maple syrup, but it's almost nothing compared to Canada's export volumes (83.2% of Canadian exports in 2023 versus 6.5% of US exports). For example, in 2022, the US imported $293M in maple syrup, and almost 100% came from Canadian trading partners. It's unrealistic to completely replace Canadian maple syrup and sugar - at least in the coming years.
Avocados
It's quite simple - Mexico is the world's largest avocado exporter ($3.25B in 2022), while the US is the largest importer ($3.15B in the same year). Options for replacing Mexican avocados? Peru, the Netherlands, Spain and Chile. Two of these exporters are part of the European Union, which also has upcoming tariffs against it.
Crude Oil And Gasoline
Canada and Mexico are the top sources of U.S. crude imports, which together account for about a quarter of the oil that U.S. refiners process into fuels and heating oil. Moreover, replacing Canadian oil will be very problematic, because each type of oil has its own chemical specifics, and American refineries have been "sharpened" for years specifically for Canadian crude oil. The possible result? Higher gasoline prices for American consumers.
Cherry Tomatoes
In the global market, the three largest exporters of cherry tomatoes are Turkey, the Netherlands and Mexico. Now guess which of these three countries is the largest supplier to the American market? That's right, Mexico with their 3,493 shipments!
Tequila
Everything is interconnected with alcohol - for example, in 2023, American companies imported $4.6B worth of tequila, as well as $537M worth of whiskey from Canada. Increasing tariffs will inevitably hit alcohol prices. Now name the three largest importers of American alcohol. The European Union, Canada and Mexico! That is, tariffs will work in the opposite direction.
Steel And Construction Materials
About a quarter of all steel imported by American companies comes from Canada. The price increase caused by the tariffs will automatically raise the price in all industries that use steel. Automotive, heavy machinery, construction... Yes, the cost of new homes will go up, too.
Smartphones
And here China, the world's largest manufacturer of smartphones and components, comes into play. And even if supply chains are reconfigured to exclude Chinese factories, it will actually take years - and in the meantime, smartphones will only become more expensive for the end consumer.
Beer
If you like Mexican beer like Corona and Modelo, brace yourself for the inevitable price hike after the tariffs are put in place! The $5.69 billion in Mexican beer imported from Mexico to the U.S. in 2023 is another proof of that.
Cars And Auto Parts
The good news is that the American auto industry is still powerful and efficient. The bad news is that for decades, supply chains have been set up so that both finished cars and parts can easily cross the borders with Mexico and Canada.
Many of the factories that make critical parts — like the engines for Ford F-series pickups and the legendary Mustang sports coupe — are located in Canada. As a result, in 2023, $20B in auto parts came from Canada, and another $78B came from Mexico.
Electronics And Home Appliances
Yes, the US is the world's second-largest exporter of electronics and home appliances, according to 2024 data. But there are two caveats. First, China is the leader in this ranking, and second, potential counter-tariffs from Canada, Mexico, the EU and China will raise prices on American products too.
Tonka Trucks
Tonka Trucks are one of the symbols of childhood, perhaps both yours and your children's. Today, a significant portion of these toys are made in China and Mexico.
Ledgehammers
In 2023, China was by far the largest producer of sledgehammers in the world, but Chinese sledgehammers already face a 25% tariff when sold in the U.S. Further tariffs will only increase their cost to American consumers.
