What new tariffs on Mexico, Canada mean for you

(CNN)– Market analysts say coffee traded at a record high price this week after President Donald Trump threatened a tariff on Colombian goods.

That’s even though he backed off, and never imposed it.

Now, Trump says he plans to impose 25% Canada tariffs on imports from Canada and Mexico on Saturday, Feb. 1.

That would force U.S. companies buying the imports to pay a percentage extra to the U.S. Treasury.

Many economists say that typically leads to higher prices for consumers.

Canada and Mexico are some of the U.S.’ biggest trade partners, so the tariffs could affect prices on all sorts of goods.