LEXINGTON, Ky. (ABC 36 NEWS NOW) – President Trump’s new reciprocal tariffs are set to take effect immediately, the President announcing his plan Wednesday afternoon. The new tariffs are in response to those charged for U.S. products by other countries Trump says this would help increase U.S. m anufacturing. However Chief Economist Douglas Holtz-Eakin says while there used be more manufacturing 60 years, technological advances are the reason fewer people work in that field, not international trade. “So flipping a script on tariffs is not going to bring back either the 1950’s or balance out trade,” said Holtz-Eakin. “I just think we’re going to see a lot of domestic economic damage instead.” According to the Associated Press, most economists say consumers will feel the effects of the tariffs through higher prices. Kentuckian James Pelfrey says he thinks more American products will be sold because of the tariffs and he isn’t worried about a rise in prices. “Everything is made in china, so I think it won’t hurt to raise prices on foreign products coming in, we can afford it,” said Pelfrey. Lexingtonian John Webb says he feels these tariffs are a bit of a gamble. “It worries me, because it’s just an uncertain time,” said Webb. “My biggest fear is that if it is good maybe it will be good 100 years down the road, so it’s not going to benefit us.” He says working in the restaurant business, he has seen how other countries tariffs have impacted the U.S. So he feels it’s kind of a give and take, but hopes everything works out. When compared to tariffs during Trump’s first term, Holtz-Eakin says it is different, because those were predominately placed on China. “The impact of say tariffs on Canada and Mexico, a unified economic north America, is going to rip that economy apart and be much more dramatic,” said Holtz-Eakin. “Much bigger impact on prices, much bigger impact on output and employment on all three economies.” He adds there will be damage inflicted on the united states that has nothing to do with the tariffs, but, instead, retaliation. Categories: Featured, Local News, News Tags: Douglas Holtz-Eakin, local reaction, president trump, product tariff, reciprocal tariffs, tariffs ...read more read less