The impact How the new duties will hit economies around world

Tariffs are taxes levied on foreign goods imported into a country. The US is currently the largest goods importer in the world - in 2022, the value of imported goods in the US totalled $3.2tn.

-  Lauren Aratani & Heather Stewart

What are tariffs and why does Trump want to use them against certain countries?

Before entering office, Trump threatened tariffs on the US's three biggest trading partners: China, Mexico and Canada. Specifically, he said he wanted to see a 25% tariff on Mexico and Canada and a 10% tariff on China, until the countries took action against immigrants and illegal drugs coming into the US.

Trump sees tariffs as a powerful bargaining chip, framing them as a policy that can apply pressure on US manufacturers and importers to produce goods domestically.

"All you have to do is build your plant in the United States, and you don't have any tariffs," Trump has said. But the global economy has been intertwined for decades. US farmers, for example, would not be able to produce the number of avocados Mexico produces for many years.

What this means is that importers will probably push the cost of tariffs on to consumers, causing prices to rise.

How will US consumers be affected by the tariffs?