Media warned of significant price hikes after Trump imposes duties

US President Donald Trump's imposition of new tariffs on goods from China, Mexico and Canada could escalate the trade war between the US and its three major trading partners. In response, all three countries said they were ready to take countermeasures, which could lead to a sharp rise in prices for many goods. This was reported by The New York Times on February 3.

Thus, Canada, Mexico and China account for more than a third of U.S. imports - they supply American consumers with cars, medicines, shoes, wood, electronics, steel and many other goods. As follows from the publication, the first to feel the rise in price will be buyers of fresh fruits and vegetables, most of which come from Mexico. In addition, there may be an increase in prices for meat, cereals and maple syrup, most of which is produced in Canada.

The New York Times notes that automobiles will also become significantly more expensive, since such American manufacturers as General Motors are heavily dependent on the supply of components from Canada and Mexico.

China, in turn, said it would take "appropriate countermeasures" and is ready to take the matter to the World Trade Organization (WTO). Canada and Mexico have also announced the development of necessary countermeasures. In particular, Mexican President Claudia Sheinbaum said she would present the first steps of the so-called "Plan B" on Monday if she fails to reach an agreement with the United States.

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On the same day, European diplomacy chief Kaja Kallas said that the European Union (EU) is preparing for a possible trade war with the US. According to her, in case of a trade war, "the only one who will be laughing" will be China.

On February 1, US President Donald Trump signed an executive order imposing trade tariffs of 25% on goods from Canada, China and Mexico. At the same time, he promised to impose duties on goods from the EU. With this decision, Trump seeks to reduce the flow of the opioid fentanyl across the border, as well as migrants.

German Vice Chancellor Robert Habeck said on February 2 that the EU was ready to impose retaliatory duties against the United States.

Chinese economist Andrew Leung, in turn, told Izvestia that the tariffs imposed by Trump on imports of goods from China and Mexico will lead to an increase in consumer prices in the United States itself.