Tariffs, tariffs, tariffs! If there’s one thing all over the news in recent days, it’s President-elect Trump and his tariffs. With Trump spending much of his reelection campaign promising to enact tariffs on foreign goods as soon as he reenters the White House in January, it begs the questions - how quickly could these tariffs actually come into effect and which will he prioritize? We get into it.

In this week’s episode of Capitol Gains, anchor Rachelle Akuffo, Washington Correspondent Ben Werschkul, and Senior Columnist Rick Newman are joined by Raymond James Washington Policy Analyst and Managing Director Edward Mills to discuss the topic at large.

In terms of Trump’s prioritization of tariffs, Mills speculates the president-elect will try to enact tariffs on China first, then Mexico and Canada, then Europe. The rest of the world would follow. Will all of this actually happen? Only time will tell. Mills says, “take [Trump] seriously. Don’t take him literally. Not everything that gets posted [on social media] is going to get implemented. But I will tell you, if we do this interview a year from today, there will be more tariffs in place than there are today and we’ll probably have a conversation about Congress giving him additional tariff authority as they pass an extension of the 2017 tax cuts that expire on December 31 of next year.”

Watch more episodes of Capitol Gains here.

Capitol Gains is Yahoo Finance’s unique look at how US government policy will impact your bottom line long after the Presidential election polls have closed.

This post was written by Lauren Pokedoff