President Donald Trump signed orders imposing tariffs on imports from Canada, China, and Mexico. These tariffs are expected to take effect soon and could negatively impact U.S. consumers. Economists believe that tariffs generally lead to higher prices for consumers as businesses pass on the extra costs. The tariffs may also result in reduced choices for consumers and could have a significant impact on the U.S. economy. There are concerns about potential retaliatory tariffs from other countries and the possibility of a trade war. Economists warn against the broad-based use of tariffs as they may have unintended consequences and cause collateral damage.
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