SEATTLE, Wash. — On Wednesday, President Donald Trump is expected to announce broad tariffs on several countries and goods.
He plans to impose the tax on Mexican and Canadian goods, along with all cars. Many of them were supposed to take effect weeks ago, but he pushed the deadline back.
KIRO 7 spoke with financial advisors who say the likely price increases on a lot of everyday items like groceries will cost the average family anywhere from 2,500-5,000 extra dollars per year.
“April 2nd, 2025, will go down as one of the most important days in modern American history,” said White House Press Secretary Karoline Leavitt.
President Donald Trump said this will be a financial turning point for the United States.
“We are going to take in millions in tariffs, we are going to be so rich we won’t know where to spend all that money,” Trump said.
Financial advisor Paul Brahim said that’s only partially true:
Brooke, KIRO 7 News reporter: “President Trump says imposing tariffs on other countries and various goods will bring billions into the economy. Is that the case?”
Paul Brahim, financial advisor: “Yes, it is, that’s of course assuming we buy everything at the same pace we did, but it’s the case, about 600 billion in the first year being estimated.”
Brooke: “For me, you, the average Joe, can tariffs be beneficial?”
Paul Brahim: “In the long run, if we have fair trade, it would be great for the United States. In the short run, we will experience inflation on things we buy every day.”
For the average family of four, he said a slightly new budget might be needed.
“The estimate for working families in terms of impact on an annual basis is somewhere of $2,500 and $5,000 of additional cost to the average U.S. family,” Brahim said.
He said many companies are already raising prices to prepare for the extra tax it takes to import the items.
Those advisors say most everything will be impacted by tariffs somehow, even if not directly, many companies will raise prices anyway just to match everyone else’s bottom
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