Transcription:
Conway Gittens: This is Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
Inflation is on Wall Street's mind Wednesday. The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditure Index, performed well in October. Prices rose 0.2 percent on the month and 2.3 percent from a year earlier.
Related: What Trump's new tariff proposal could mean for inflation
In other news, when it comes to Donald Trump's planned 25 percent across-the-board tariff hike, the prevailing view among economists is that the biggest loser will be you, the consumer.
Cars will surely become more expensive. The automotive industry uses a complex supply chain with multiple auto parts passing through the United States, Canada, and Mexico multiple times. Automobiles and auto parts are Mexico's two largest exports to the US.
Climate change means we now get 20 per cent of all our fruit and vegetables from our neighbor to the south. All you avocado lovers, expect to take a big hit to your wallet if the tariffs are imposed.
Alcoholic beverages are also on the list of affected tariffs. I mean beer, tequila and of course, mezcal.
As for our northern neighbor, Canada's main export to the United States is a specific type of crude oil, which is used in American refineries to produce gasoline and heating oil. Gasbuddy predicts prices could rise between 25 and 75 cents per gallon, especially on the West Coast and Midwest.
Watch ICYMI this week:
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- 'Wicked' leads the big weekend at the box office
Add to that additional tariffs on products made in China, and Brendan Duke of the Center for American Progress told USA Today, and the typical American family will be hit with a price increase of $1,300 a year.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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