What tariffs on Canada, Mexico and China could mean for consumers

President Trump's plan to impose 25% tariffs on nearly all goods imported from Canada and Mexico is set to take effect Tuesday. The president also plans to impose an additional 10% tariff on Chinese imports. CBS News MoneyWatch correspondent Kelly O'Grady has the details.

[cmdkaboom]

What it will mean is a nightmare. Shortages, extremely high prices, company layoffs, the dropping of the dollar as a global currency, cancellation of global trade agreements, shortage of raw materials used in manufacturing, just to name a few.

[xorrior]

These tariffs aren’t much different than if we imposed sanctions on ourselves. 🤣🤣🤣

[standing]

This will certainly make your groceries cheaper....NOT!

[yyywlss]

These 2 countries would come together???what are you talking about, Trump is starting this and is costing US consumers a fortune.

[TNova-rdji]

Can't afford a car, gas, food....I'm Good!

[Chunkylover]

We are all going to suffer but the red cap cult will still bend over, open their wallets, and say “take more king🫦.” 😂 These ppl are 🤡fr fr

[anthonyhulse]

You forgot biggies like aluminum, nickel, potash.

[AndreInThe]

You're going to pay more. A LOT more than these people say.

[t]

If companies have inventory they will put the prices up anyway.

[carstenerbe]

Nothing is needed from Canada or Mexico is what Trump said. No worries then you will be OK.

[ChipsTimesFried]

Well done America. You voted for this 👍

[JefferyM]

Better start stocking up on eggs and toilet paper. Great move to drive down inflation. Next he’ll cut Medicaid, Medicare, and social security. Trump is a real genius. Lol

[harysastra]

Tariffs (import tax) mean that the government imposes higher taxes on its own people... the funny thing is that many people who don't understand are proud of this policy, even though it's all hurting themselves 🤣🤣🤣

[samlonzo]

He’s just shooting himself in the foot

[vet]

Elon Musk's SpaceX gets a massive government contract after Donald Trump said they would not get any government contract

[richardm]

Buffet calls it a tax on consumers and almost an act of war. Thanks again Donnie! Keep it up and you'll get impeachment #3.

[Me_Bites]

World : Why did you shoot yourself in the foot?

US : Yes. *Proceeds to shoot the other foot*.

[shawnfoogle]

only %20 for China... Make that make sense

[Daniel-hzgg]

World leaders across the board have let down consumers since the start of the pandemic: Nothing has been 'normal' since then...

[StewieGriffin]

if corporation is going to follow basic supply and demand to price hike all the items
this will cause a recession.
Consumer spending will be destroyed by the american corporations
US GDP is mostly consumer spending
IF THE CORPORATE GREED HAPPENS SAVE YOUR MONEY AND FORCE THE RECESSION