
Will the Implementation of Tariffs Starting February 1 Lower the Prices of Eggs, Energy, and Housing for Maine People?
President Trump announced today that he will be imposing tariffs on China, Mexico and Canada beginning Saturday, February 1, 2025. He is imposing a 25% tariff on Canada and Mexico with a 10% tariff on China. He said that additional tariffs are coming and will be announced in mid-February. The Canadian Prime Minister said that it will respond immediately, forcefully and in a reasonable manner to these tariffs.
The President said that these tariffs could cause “disruptions” in the short term, but that he is sure Americans will “understand.”
“I am deeply concerned that President Trump’s tariffs – especailly those on Canada – will increase prices for Maine people at a time when they can least afford it. Canada is Main’e largest trading partner and our economy is deeply intertwined with Canada’s economy. Maine businesses and Maine people rely on Canada not just to sell and purchase goods, but as a major source for energy, from heating fuel to gasoline to national gas to electicity. These tariffs will drive up energy prices, increase the costs of every day goods that Maine people rely on, roil markets and destabilize our economy. The President campaigned on bringing down the price of eggs, bread, heat, housing and cars. These tariffs will do the opposite,” said the Governor in a press release issued late this afternoon.
The stock market has reacted to the threat of tariffs by ending down 337.47 points today.