President Donald Trump has announced a new, expansive round of tariffs that could hike prices for a range of goods in Wisconsin.
Since March, the Trump administration has oscillated between implementing and pausing steep tariffs on some of the United States’ largest trading partners. The administration’s stated goals of these tariffs have ranged from ending trade deficits with the U.S., encouraging American companies to manufacture domestically, and curbing illegal immigration and fentanyl flow into the U.S.
But some experts say the tariffs could slow the U.S. economy and weaken the value of American exports in the short-term, including in Wisconsin.
Here’s what to know about the new tariffs and how they may impact Wisconsin consumers:
What are the newly proposed tariffs?
As of July 14, Trump has announced reciprocal tariffs on American trading partners, as well as new tariffs on copper and pharmaceutical imports.
The reciprocal tariffs target any and all imports from more than two dozen countries, including Canada, Mexico and the European Union. These tariff rates range between 25% and 50%, with the highest tariff reserved for Brazil, where Trump has objected to the prosecution of the country’s former, right-wing president Jair Bolsonaro for allegedly plotting a coup.
Copper imports will also be taxed at 50%, Trump announced in a July 9 Truth Social post. The administration has not formally announced the pharmaceutical tariffs, but Trump threatened a 200% tariff on these goods in a July 8 meeting.
When would the new tariffs go into effect?
All reciprocal tariffs are set to kick in Aug. 1, unless the Trump administration once again pauses them. The copper tariff will take effect at the end of the month or on Aug. 1, Commerce Secretary Howard Lutnick told CNBC.
As for the pharmaceutical tariffs, Trump said July 8 he would “give people about a year, year and a half” before implementation, so drugmakers have time to prepare.
What could become more expensive in Wisconsin under Trump’s new tariffs?
Like past iterations of tariffs, these hikes could raise the cost of a range of imported goods, like food, medications, clothing, vehicles, appliances and gas.
The tariffs on Brazil, for example, could lead coffee prices to spike across the country, as the U.S. imports most of its coffee from the country, CNBC reported. Moreover, Mexico supplied 63% of U.S. vegetable imports and 47% of fruit and nut imports in 2023, according to the U.S. Department of Agriculture.
The 50% tariff on copper could lead to increased costs for appliances and building supplies. Additionally, copper is used in the wiring of electronic products, like phones, televisions and computers.
If the administration goes through with pharmaceutical tariffs, Americans could see higher prices and drug shortages, per CNBC. A 25% tariff alone could drive up prices by nearly $51 billion annually, which would increase domestic prices by up to 12.9%, Reuters reported in April.
What countries are included in Trump’s most recent tariff hike?
Here are the 25 countries, not including the European Union, that are set to undergo tariff hikes as of July 14, according to USA TODAY:
Francesa Chambers of USA TODAY contributed to this report.
This article originally appeared on Milwaukee Journal Sentinel: Trump has announced new tariffs on dozens of nations. What to know in Wisconsin
Reporting by Cailey Gleeson and Maia Pandey, Milwaukee Journal Sentinel / Milwaukee Journal Sentinel
USA TODAY Network via Reuters Connect
