COLUMBUS, Ohio — President-elect Donald Trump is threatening to impose 25% tariffs on goods coming from Canada and Mexico – and that could have an economic impact here in Ohio.

According to the Observatory of Economic Complexity, Ohio imports nearly $30 billion in goods from Canada and Mexico every year.

What You Need To Know

  • President-elect Trump says he will enact tariffs on Mexico, Canada and China his first day in office

  • The United States works heavily with these countries to trade nationally

  • It would be a 25% tariff on Canada and Mexico 

Meanwhile, data from The White House shows businesses in Ohio export a similar amount of goods to those two countries as well. However, Mexico's president is threatening to retaliate with tariffs, and Ohio businesses and consumers may see prices on the rise.

"This policy is raising some red flags for me and that it will hit consumers hardest," said Bailey Williams, a tax policy researcher at Policy Matters Ohio. "Especially those with lowest earning incomes, because these tariffs don't consider your income when you go to buy these goods. So lowest earning income Ohioans are going to get hit the hardest." 

"I wouldn't say that is necessarily beneficial," said Juscelino Colares, a professor of economics at Case Western Reserve University. "All I'm saying is that it may not be detrimental because the threat, given that it's coming from the president elect is credible and makes me want to reassess its options now." 

Trump previously stated he believes tariffs are an effective tool to help achieve his foreign policy objectives. He is hoping the tariffs will help cut down on the amount of fentanyl that’s coming into the U.S. through its borders. He plans to take office in January.