Experts Say These 10 Things Will Cost Louisiana More After Trump Tariffs

One of the biggest parts of President-elect Donald Trump's campaign was the threat of large tariffs being placed on common items used daily by Louisiana residents. While there is still time for changes to be made, and course to be reverse on the proposed tariff plan, many companies are already planning for them to take effect.

Large corporations and small businesses both are bracing for impact with the proposed tariffs. Companies like AutoZone, Columbia, and WalMart have all publicly stated that they have concerns about these possible tariffs. They have stated that they will be raising prices on consumers in reaction. Small businesses are already feeling the impact, as they scramble to find warehouse space to plan ahead.

Financial experts tell Fast Company that Americans can expect to pay an extra $7,600 a year due to tariffs. They do point out that this would only be the case if all of the tariff plans go into effect as they have been stated. Their expert data comes from the National Retail Federation, Yale University, and management from major companies.

Now the idea behind tariffs isn't a bad one. If you believe that tariffs on imported goods would force companies to start making the products in America, it sounds like a great idea. However in practice, it doesn't appear that will be what happens. According to the consensus of the experts listed in various sources above, companies will simply increase prices on American citizens.

There's no correlation between increased imports and an increase in domestic production. It would likely cost companies more money to create domestic production than they would potentially lose in consumer pullback. At the end of the day, things will just cost more, because the countries exporting products to America will not pay tariffs, the importers will. Which means those companies will be passing the tax onto the consumer.