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What Donald Trump's Tariffs Mean For American Wallets And Beyond

U.S. President-elect Donald Trump speaks at a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill. (Photo by Allison Robbert-Pool/Getty Images)
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U.S. President-elect Donald Trump speaks at a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill. (Photo by Allison Robbert-Pool/Getty Images)

President-elect Donald Trump hasn't been shy about his love for tariffs. And now, he hopes to make good on campaign promises to implement them.

Trump's proposal includes a 25 percent tariff on goods from Canada and Mexico, plus adding 10 percent more to existing tariffs on goods from China.

In practice, these tariffs could raise the prices of a variety of everyday goods including groceries. Economic issues like inflation led many voters to Trump. However, economists have raised concerns that this strategy could lead to another bump in inflation.

We unpack what these tariffs could mean for consumers and businesses and talk about how they'll affect the American and global economies.

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