Well, this was an incredibly unique, special and heartfelt Thanksgiving. This was my first Thanksgiving to celebrate without my loving wife Tess by my side. I’ve been adjusting to the single life and in my mind doing pretty well.
I have found that in losing Tess I am also finding Or maybe looking for deeper relationships with other people in my life, including my daughter Lauren and her family/My family, her husband, Sam, and my two grandchildren Nolan, Happy Birthday 12 and Wes, 10 years old. Lauren and Sam invited me to stay with them and after thinking it over and debating whether privacy was more important than unity. My decision came down on the side of family and I am so blessed and so grateful Because, although there were tears of nostalgia they were also tears of joy and because we shared our feelings with each other this truly was a very
Happy Thanksgiving 🦃
I always loved this song and somehow on the night before my travels I was inspired to relive these memories of the life we built together.
Thanksgiving with the Fullers was wonderful. Sam prepared the most delicious farm raised, organic, smoked, turkey and we were surrounded by the over abundance of side dishes and deserts that we swear we’ll never bring this much food again.
By spending the nights in their home I was able to be there for Nolan’s birthday in the morning and witness his unmitigated joy over football cards and fashion.
Last week, Trump announced plans to place a 25% tariff on all imports from Canada and Mexico, along with 10% on top of existing tariffs on anything coming from China. Whether Trump intends to actually implement the tariffs or is using the threat as a negotiating tactic is impossible to know. Regardless, Canada and Mexico have each urged the President-elect to reconsider, citing the harm tariffs would do to the economies of all countries involved.1
The impact on American consumers is uncertain, but experts generally agree the tariffs would stoke inflation. Ernest Tedeschi, the director of economics at the Yale Budget Lab, recently told S&P Global that he expects prices would rise 0.75%. He said that would be like consumers getting four to five months of normal inflation at the same time, and equate to a $1,200 loss in overall purchasing power for the average household.2
Here's a look at some products that could get more expensive under Trump's proposals.
Consumer Electronics and Appliances
As the vast majority of electronics and appliances that are sold in the U.S. are imported, they are a category that is likely to see price increases. Last week, the Consumer Technology Association said the proposed tariffs would be a "major inflation-causing tax on Americans and harmful to the U.S. economy."3
Best Buy (BBY) CEO Corie Barry said in the retailer's latest earnings call that there is "very little in the consumer electronics space that is not imported." She said that Best Buy expects to work with the Trump administration as it has with previous presidents, but noted that the consumer typically "ends up bearing some of the cost" when it comes to tariffs, according to a transcript from AlphaSense.
Apparel, Especially Shoes
Apparel is another frequently imported category, including footwear. The Footwear Distributors and Retailers of America (FDRA) estimates that 99% of shoes sold in the U.S. are imported.4 More than one-third of all footwear imports came from China last year, according to U.S. trade data.5
The FDRA has estimated that families paid $900 million more on children's shoes in 2023 than they would have without existing tariffs.6
Ernie Herrman, CEO of TJX Companies (TJX), acknowledged in last month's earnings call that the retailer and other clothing companies could see prices rising as a result of tariffs.
Cars, Both Gas and Electric
China is the largest car manufacturer in the world. Last year, it produced more than 30 million vehicles, nearly three times the output of the U.S., according to the International Organization of Motor Vehicle Manufacturers.7
Even cars produced in the U.S. could get more expensive, as materials like steel, aluminum, and graphite used in electric vehicle batteries would be subject to broad tariffs, according to recent reports from S&P Global and Argus.82 Electric vehicles could also get more expensive if Trump and a Republican-led Congress make good on their promise to repeal EV tax credits.
Imported Foods
More than half of the fresh fruits and vegetables that entered the U.S. in 2022 were from Mexico, according to the U.S. Department of Agriculture.9
The Produce Distributors Association recently told the Associated Press that tariffs on imported foods would result in higher prices for consumers, and lower margins for U.S. farmers if other countries respond with retaliatory tariffs of their own.10
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