University of Tampa economist shares how Trump's tariffs could impact Floridians

America's three biggest trading partners – Canada, Mexico and China – are now firing back after President Donald Trump announced a 25% tariff on goods from Mexico and Canada, and a 10% tariff on goods from China.

On Sunday, Canadian Prime Minister Justin Trudeau announced 25% tariffs starting Tuesday on American imports, which include beverages, cosmetics and paper products. He also announced plans to place tariffs on passenger vehicles, trucks, steel and aluminum products, certain fruits and vegetables, beef, pork and dairy products.

RELATED: Tariffs could cause 'some pain' for Americans, Trump says

President Trump believes pressure from the tariffs will force Mexico to crack down on illegal drugs coming into the U.S.

Professor shares thoughts on tariffs

What they're saying:

"The reason that I'm so confident this will be largely ineffective is because the overarching policies that we had related to drug policy have largely been really ineffective, especially when it comes to the importation of substances. When it comes to something like fentanyl, just economically speaking, it still makes sense for people to try to traffic it across the border," University of Tampa Associate Professor of Economics Abby Hall Blanco said.

As Blanco explains, when it comes to the impact on consumers, it may take time before Americans feel the strain on their wallets.

"Like six months from now or a year from now, people can expect that they're going to be paying higher prices for things. So maybe when we're talking about going back to school in July or August and you're buying those school supplies for your kids or next year, when you are looking at buying toys for your kids for Christmas or Hanukkah, those things are going to be more expensive," Blanco said.

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In a social media post made Sunday, Trump said "WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!), BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID."

"Economics teaches us that trade is remarkably beneficial and that things which limit our trading capacities make us worse off. They make us poorer," Blanco said.

The Source: Information for this story was collected by FOX 13's Jordan Bowen.

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