Higher tariffs could worsen the squeeze on American families by increasing their taxes, lowering their income, and requiring them to pay more for tariffed goods.

The president has an ambitious economic plan, starting with trade, and doesn’t appear interested in negotiations—yet.

Trump positioned the tariffs as a way to “halt the flood of poisonous drugs into the United States,” referring to fentanyl. The change will have a big impact on the cost of a wide variety of goods imported from each country, including electronics, produce, clothing, and much more.