How Trump's new tariffs will affect you in Kansas

TOPEKA (KSNT) - President Donald Trump took executive action on Wednesday, March 4 on reciprocal tariffs. But how will this impact the economy and your wallets?

According to the president's plan, he is imposing a 10% baseline tariff, but is taxing America's closer trading partners more. This includes countries like China, Vietnam and Japan. Trump said he looking to address the injustices of global trade all while driving economic growth.

An Economics professor at Washburn told 27 News how this will impact consumers.

"If you're a business that doesn't rely all that much on imports, your prices shouldn't go up, you shouldn't be all that impacted to it," Washburn Economics Professor, Paul Byrne said. "If you're a business that's selling imported goods, or the inputs that you need in your production process come from overseas, that's going to increase your cost, that's going to result in higher prices."

Byrnes told 27 News he believes people will see prices go up right away. As for people relocating their businesses to the U.S., he said that will be a more long-term approach, but believes that will only happen if there's certainty on what these tariffs will be a couple years down the road.

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