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Minnesota Now with Nina Moini
Nina Moini and Aleesa Kuznetsov

How President-elect Trump's proposed tariffs could affect Minnesota's economy and your finances

Container ships docked at the Yangshan port in Shanghai.
Container ships docked at the Yangshan port in Shanghai, March 29, 2018. During his first term, President-elect Donald Trump imposed tariffs on Chinese imports. China's government retaliated by taxing U.S. products, including soybeans and small aircraft.
STR | AP

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President-elect Donald Trump says on day one he will impose sweeping new tariffs of 25 percent on Canada and Mexico and another 10 percent tariff on China. Trump says the purpose of the Mexico-Canada tariff is to crack down on illegal immigration and drugs.

If implemented, it could dramatically raise prices and impact businesses here in Minnesota.

In 2022, Minnesota traded a total of $6.2 billion with Mexico. With our neighbors to north in Canada, Minnesota traded more than $21 billion.

Professor Tim Kehoe, a distinguished McKnight University professor in the Department of Economics at the University of Minnesota, joins MPR News host Nina Moini to explain how the tariff proposal could impact your wallet.

Use the audio player above to listen to the full conversation.

Subscribe to the Minnesota Now podcast on Apple Podcasts, Spotify or wherever you get your podcasts.

We attempt to make transcripts for Minnesota Now available the next business day after a broadcast. When ready they will appear here.