Fox Business guest on Trump's new tariffs: “With higher energy costs right now — and you drop tariffs in on top of that — you have some real inflationary concerns”
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From the July 24, 2026, edition of Fox Business' Mornings with Maria
CHERYL CASONE (ANCHOR): The Trump administration is set to impose new tariffs. We haven't gotten into this yet on the program, 10% and 12.5% on imports from 60 different trading partners. Now, this is after the expiration of Section 122 tariffs. U.S. Trade Representative Jamison Greer said that these new levies are going to take effect now, and it falls under Section 301 of the 1974 Trade Act.
Dan, I want to get your take on this, because this does affect the consumer. Canada, Mexico, India, the UK, among the countries facing the 10%. You know, the administration says these countries are making progress on forced labor issues. That's the crux. But again, this is President Trump once again saying I am going to use tariffs as the stick to make sure that these — we get fair treatment from these countries.
DAN GELTRUDE (MARKET ANALYST): Well, you know, I am not a big fan of tariffs in general. And I think we especially have a challenge here, because with higher energy costs right now — and you drop tariffs in on top of that — you have some real inflationary concerns.
In the past, when the president first started doing this, we had much lower energy costs. But we're in a different situation now. So, I understand why the president is using tariffs in order to negotiate in other areas. The real concern here is whether U.S. consumers are going to pay the price. And how much are they willing to pay.
CASONE: Well, yeah. Because, you know, supply chain inflation, if that really starts to kick in in earnest, Republicans have a midterm problem. And we've been talking about that already today.