COLUMBUS, Ohio (WCMH) - President Trump addressed his tariffs on Sunday from his home in Florida saying Americans could "feel some pain" from price hikes as a result of the 25% tariffs on Canada and Mexico and the 10% tariff on China.
Tariffs are essentially a tax paid by the country importing the goods, which in this case would be the United States. Typically, they are used to spark domestic manufacturing of specific products; however, Trump used tariffs in his first presidency and recently as a political tool. Trump used a 25% tariff on Colombia to force them into accepting immigrants being deported from the United States.
Trump threatened the tariffs against Mexico, China, and Canada on the campaign trail prior to the election. Economics professor at Cedarville University Dr. Jeff Haymond said this allowed companies to prepare for such a tariff.
Trump: Potential pain caused by tariffs ‘worth the price that must be paid’"He's been talking about for quite a while, even during the campaign at some level. And so, a number of industries that use foreign goods have already bought up and built up inventories," Haymond said Sunday.
Several small businesses in Columbus on Sunday are prepared for these tariffs to impact their business. Clothing boutiques, grocery stores, vape shops, and even a candy store in the Short North expect at least some of their prices to go up.
"A large selection of our stores actually imported from various countries and it was pretty expensive already and it's going to go up and it's not going to be good,” Leo Russ with Rocket Fizz in the Short North said. “When the prices go up for us, the prices go up for the customers. Nobody likes expensive candy."
Economists predict consumers will foot the bill for these tariffs, but Haymond believes only time will tell if that becomes necessary.
"I suspect, in the very near term, maybe two weeks to a month in that current timeframe, not much of an impact, but the longer this goes on, all of our goods are going to be more expensive,” Haymond said. “My expectation, though, is that Mr. Trump's going to find a way to declare victory quickly. He does. He recognizes that he was elected to keep prices down and this, if anything, is going to make prices go up.”
Are Christmas lights allowed on cars? What Ohio law saysMeanwhile, central Ohio consumers are yet to see any significant price hikes due to the recently enacted tariffs but are feeling the effects of uncertainty.
"I know that they're making gas prices go up,” Columbus resident Jayden Woods said. “All the food's going up. It's messing up the economy, for sure. Honestly, it affects my pockets and really makes me want to just get out of the country."
Trump's tariffs are set to be in full effect by Tuesday.
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