Shoppers at Midtown Global Market are feeling the impact of the Trump tariffs this weekend.<\/p>\n
\u201cI\u2019m changing my habits and buying less,\u201d says Brenda Blakey from Minneapolis. \u201cA lot less.\u201d<\/p>\n
On Friday, the U.S. Supreme Court struck down most of the Trump levies.<\/p>\n
The president quickly announced a global 10% tariff, then Saturday, upped that to 15%.<\/p>\n
RELATED: Trump says he\u2019ll raise tariffs to 15 percent after Supreme Court ruling<\/a><\/p>\n ABC News reports that 15% rate is the upper limit allowed under Section 122 of the Trade Act of 1974.<\/p>\n \u201cOther alternatives will now be used to replace the ones that the court incorrectly rejected,\u201d Trump told reporters. \u201cWe have alternatives, great alternatives, could be more money. We\u2019ll take in more money, and we\u2019ll be a lot stronger for it.\u201d \u00a0<\/p>\n But John Spry, a finance professor at the University of St. Thomas, says the rapid-fire tariff changes will likely trigger sticker shock.<\/p>\n \u201cFor the everyday American, you\u2019re going to be worse off, because we have a lot of uncertainty,\u201d he notes. \u201cSo imported apparel, fruits and vegetables that we import, particularly in Minnesota in February or March, those now have a 15% cost.\u201d<\/p>\n That uncertainty is impacting Minnesota family farms.<\/p>\n \u201cIf you\u2019re a young beginning farmer, without much equity, it\u2019s going to be pretty hard to survive this,\u201d declares Gary Wertish, the president of the Minnesota Farmers Union.<\/p>\n The Minnesota Department of Agriculture says the state\u2019s more than 67,000 farms export $10 billion annually of soybeans, corn and other produce to China, Mexico, Canada and other countries.<\/p>\n Experts say China has turned to other countries as the Trump tariffs kicked in, and it\u2019s uncertain what that 15% rate will do. \u00a0<\/p>\n Wertish says growers also import fertilizer from Canada, and machine parts from Europe, Mexico, and China \u2014 another reason for keeping tabs on those tariff rates. \u00a0<\/p>\n \u201cYou know the farmers are like, \u2018We\u2019re in an economic crisis now,\u2019\u201d Wertish says. \u201cWorking with their lenders to get their line of credit and see if they can even operate next year.\u201d<\/p>\n Then there\u2019s Plymouth entrepreneur Jack Tomczyk. \u00a0<\/p>\n He invented a plastic collar for a Shop-Vac remote control.<\/p>\n But the controller itself, from China, cost more than he expected.<\/p>\n \u201cLike this should cost $3,\u201d Tomczak declares. \u201cBut after all the tariffs and some shipping, it ended up costing $10. And that\u2019s a lot of money out the door before I had made any money on my product.\u201d<\/p>\n Experts say the 15% tariff can only last for 150 days without congressional approval.<\/p>\n It could take effect as early as Tuesday.<\/p>\n Tomczyk says he ordered 700 controllers, costing him around $7,000.<\/p>\n He estimates about $4,000 to $5,000 of that came from tariff charges.<\/p>\n His takeaway?<\/p>\n \u201cIt\u2019s not a good environment to plan, when things change so frequently,\u201d Tomczak says. \u201cSo, it\u2019d be nice to have a consistent system of lower or no tariffs.\u201d<\/p>\n \t\t\t\t\t\t\t\tFor Related Stories:\u00a0Farming<\/a>\u00a0\u00a0Richard Reeve<\/a>\u00a0\u00a0Tariff<\/a>\u00a0\u00a0Tariffs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Shoppers at Midtown Global Market are feeling the impact of the Trump tariffs this weekend. \u201cI\u2019m changing my…\n","protected":false},"author":2,"featured_media":484386,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[6479,28,101,5641,6398,759],"class_list":["post-484385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-tariff","tag-business","tag-economy","tag-farming","tag-richard-reeve","tag-tariffs"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/484385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=484385"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/484385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/484386"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=484385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=484385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=484385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}