India, March 5 -- US President Donald Trump's 25% tariff on goods from Canada and Mexico, along with the heightened 20% levy on Chinese goods is in force.

Experts state that as a result of this, consumers and businesses will be hit hard, according to a report by news agency AP.

Businesses will have little choice, but to hike prices on a variety of products such as cars, appliances and other big-ticket items to smaller, everyday purchases including electronics, gasoline and groceries, the report read.

"International trade is critically important to our business and industry," the report quoted Best Buy CEO Corie Barry as having said on Tuesday's earnings call. "The consumer electronics supply chain is highly global, technical and comple...