4 big reasons Trump tariffs could cost consumers

“The obvious solution for consumers is to substitute different, yet similar products for those that become more costly due to tariffs. And, indeed, that has happened historically.

“Anderson says that when U.S. tariffs were applied to particular goods from certain countries in the past, other imports were found and procured from other countries. That’s why tariffs against just a few countries probably won’t work.

“Moreover, as prices for certain products rise, prices for substitutions are likely to increase as well since competitors will try to capitalize on the opportunity, says Alfred McIntosh, principal at McIntosh Capital Advisors, a financial planning and investment management firm in Los Angeles.”

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