How Trump Tariffs Affect Consumer Goods Prices, Economy

The video discusses the impact of trade goods from Mexico and Canada on the US economy, highlighting key imports like fruits, vegetables, beer, tequila, car parts, lumber, and steel. It examines the potential effects of tariffs, including inflation and a drop in household incomes, and projects long-term economic impacts, such as a $55 billion hit to US GDP by 2029. The video also touches on policy implications, including the offset of tax cuts through tariffs.

Which two countries are major sources of fruits and vegetables for the United States?

• China and India

• France and Germany

• Brazil and Argentina

• Mexico and Canada

What is one of the immediate effects of tariffs on the US economy?

• Decrease in inflation

• Increase in household incomes

• Rise in inflation

• Decrease in unemployment

How much is household income expected to drop due to tariffs?

• $2,000

• $500

• $930

• $1,200

By how much could US GDP be affected by 2029 due to tariffs?

• $100 billion

• $200 billion

• $55 billion

• $75 billion

What was one of the political promises made regarding tariffs?

• To increase foreign aid

• To offset tax cuts

• To reduce military spending

• To lower education costs