A cornerstone of Trump's vision includes a phased rollout of universal tariffs on all U.S. imports. His recently confirmed Treasury Secretary Scott Bessent has been pushing for a modest 2.5% tariff rate that would climb each month, according to a Financial Times report.

Trump has threatened still more tariffs, proposing 25% on goods from Mexico and Canada, an additional 10% on China and 25% on Colombia after that country initially refused deportation flights from the U.

President Donald Trump has been talking about tariffs for so long that it feels like we know exactly what’s coming. But we kind of have no idea.