Tariffs and their consequences. From Marketplace, I'm Subri Beneshore, in for David Brancaccio.

Tariffs are in place this morning against the United States three biggest trading partners. President

Donald Trump has imposed 25 percent import taxes on most goods from Mexico and Canada, plus an additional 10% on Chinese goods. He's proposed

even more tariffs to come. As Marketplaces Nova Saffo reports, these import taxes will hit some

U.S. industries harder than others, and they'll affect all Americans through higher prices.

Companies are likely to pass on tariffs through higher prices on a broad range of products.

We import a lot of electronics, appliances, and clothing from China. At to pass on tariffs through higher prices on a broad range of products.

We import a lot of electronics, appliances, and clothing from China.

Add up previous and new tariffs, and the average import tax on goods coming from that country is now a whopping 34 percent, according to Goldman Sachs.

Auto manufacturers rely heavily on smooth cross-border trade with Mexico and Canada,

so tariffs there are likely to impact vehicle prices. Also grocery prices on things like

fresh fruits and vegetables, beef and pork. Gasoline prices are likely to rise, especially in the

Midwest, which relies more heavily on Canadian oil imports. In all, the Yale Budget Lab says households are likely to pay around $3,000 more per year.

And that's before more tariffs, ones previously announced but not yet in effect.

Tariffs on steel and aluminum, potentially as soon as next week.

Reciprocal ones planned in April, which could impact Europe,

and sector-specific tariffs targeting computer chips, vehicles, and pharmaceuticals. I'm Novosafo

for Marketplace. Countries targeted by President Trump's tariffs today are responding with new

import taxes of their own. China and Canada have already laid out retaliatory measures

while Mexico plans

to announce its own response this weekend. Marketplaces, Henry App has more.

China is targeting American agriculture with an additional 10 to 15 percent import fees on corn,

...