President Trump’s intention to impose a five percent tariff on all Mexican goods coming into the country would end up hurting Americans, explained Jason Haswell, senior wealth advisor with The Monteverde Group.
“The farce is that the other country is going to pay the tariff,” Haswell said. “They do–at first. But they immediately add that onto the price of the goods they’re selling, and the customer who buys it ends up paying the cost in the end.”
He said the tariffs on Mexican goods will cost the average American at least $700 a year.
He said it’s surprising how many products the United States gets from Mexico.
Haswell says a tremendous number of auto parts come from Mexico.
And he says 90% of all strawberries and raspberries consumed in the United States come from Mexico.
He said Trump’s motive is to stop the flow of illegal immigrants into the United States.
But Haswell says addressing that issue through tariffs is “comparing apples and oranges.”
He says that is a significant issue, but not one that can be solved through tariffs.
He says American consumers will bear the brunt of the tariffs in the end.