INDIANAPOLIS — The Trump administration's 25% tariffs on goods from Canada and Mexico went into effect Tuesday morning, just hours after U.S. stocks tumbled on Monday.
“I hope in the long run it will be beneficial but right now the impact on the everyday human being is very high,” Gurvinder Singh, the owner of Speedway Liquor near 22nd and Meridian, said.
WATCH | Stocks skid as Trump's tariffs are poised to take effect Tuesday
There will also be a 10% tariff on energy imports, which could cause gas prices to begin to go up this week.
“So, the warehouse where we buy the tequila, they will pay more for tequila and they will pass it on to us as a retailer,” Singh said.
Some economists say the tariffs could impact prices for everything from gasoline to avocados to iPhones.
“I’m concerned about an economic slowdown because of this. The price of goods are going to get more expensive,” Kyle Anderson, Clinical Assistant Professor of Business Economics at IU Indianapolis, said.
According to research released in October 2024 by Georgia State University, Arizona State University, and Colorado State University, tariffs might not only cause an increase in prices for consumers, but they can also disrupt supply chains.
