Shoppers and businesses are bracing for higher prices when tariffs on Mexico and Canada go into effect on Saturday

Wall Street billionaire Howard Lutnick, during a hearing on tariffs, said he believed that “across the board” tariffs on countries would be most effective. He added that China should face the highest tariffs and that Europe, Japan and South Korea were also treating American industries unfairly. US President Donald Trump had said that he’d impose 25% tariffs on goods from Mexico and Canada.