1. What tariffs are in effect now?
Trump's first round of tariffs targeted Mexico, Canada, and China — 25 percent on the two former countries, and an additional 20 percent on top of existing tariffs on Chinese products. There are some exceptions, but those are in effect, as is a 25 percent tariff on imported steel and aluminum.
Tariffs on foreign cars and some agricultural products went into effect on Wednesday, and Trump also detailed a number of what he calls "reciprocal tariffs" on most trading partners — tariffs he says will match the tariffs and taxes other countries have on imported goods. Different countries will face different tariffs, with a minimum tariff of 10 percent.
The US has also had longstanding tariffs on other goods, from sugar to pickup trucks — and those haven't gone anywhere.
Here's a very detailed tracker on the latest tariffs that should help you stay up to date.
—Sean Collins
2. Who pays for tariffs?
Ultimately, you do.
Tariffs are assessed at ports of entry, and are usually covered by companies that import or produce goods. However, study after study has shown that companies pass these costs on to their customers. And that means if Trump's tariffs are here to stay, expect to pay more for goods, and have less money in your wallet.
One analysis from the Tax Foundation found the first tranche of Trump tariffs could both lower average incomes and force many Americans to pay more in taxes, costing American households up to $800 this year.
After Trump's first tariffs went into effect, the US stock market dropped, and major companies began to warn of higher prices. The market still hasn't really recovered, and isn't responding well to the latest round of tariffs either.
You probably won't see higher prices at the grocery store this weekend due to tariffs; it will take some time before they are fully felt throughout the supply chain. But you should prepare for higher prices now.
—Sean Collins and Dylan Matthews
3. So, foreigners aren't the ones to pay?
Nope. Despite Trump promising to "tariff and tax foreign countries to enrich our citizens," Americans will pay for tariffs on any good coming into the US. German automakers may pay a tariff to get their cars into the US, but that tariff will be included in the final sticker price. So if you buy it, you are paying that tariff.
—Sean Collins
4. How does this affect the US's standing in the international community?
The tariffs aren't helping.
Policy choices outside of economics — like the Trump administration's antagonism toward NATO — have already started to roil the US's relationship with allies. Trump's willingness to blow up previously negotiated trade agreements only adds more uncertainty, giving other countries one more reason to question the US's commitment to all of the agreements it orchestrates.
—Sean Collins and Eric Levitz
5. Is there a better way to do tariffs, one that might help the economy?
If implemented well, tariffs can advance legitimate policy goals.
For instance, tariffs can be used to protect domestic industries from unfair competition. Take the example of Chinese steel. China, which heavily subsidizes its steel industry, produces more than half of the world's steel. Because demand for steel within China has not kept pace with supply, Chinese steel has become much cheaper, potentially selling at a loss in international markets.
That makes it extremely difficult for steel manufacturers elsewhere to compete, which has prompted governments, including here in the US, to respond with tariffs.
However, tariffs work best when they are tailored to a specific problem.
Perhaps a country realizes a monopoly has developed, and that it is now over-reliant on one foreign supplier for a key good. It could use tariffs to encourage other companies to enter that space.
And there are plenty of other problems, from national security to climate change where tariffs might be a helpful tool. That said, there are limits to what tariffs can do, and the economy is a delicate thing. To actually be effective, tariffs should be coupled with other policies that balance out any potential negative effects, and that attack a given problem from other angles.
—Abdallah Fayyad
