Trump’s new 50 percent tariffs on Canada, and others in train, will likely raise US consumer prices

US households could face sharp price increases for certain alcoholic beverages, dairy products, and other select imports from Canada subject to President Donald Trump's new tariffs. Trump on Monday ordered the 50 percent tariffs on certain Canadian imports to take effect in 30 days. Research to date indicates that his tariffs are paid almost entirely by US households and business consumers, rather than by foreign exporters. Cast aside by the new tariffs is the US promise and legal obligation of zero tariffs made in 2020 when Trump signed the United States-Mexico-Canada Agreement. Prices for…