Tariffs expand: The administration has already imposed a 30% tariff on Chinese goods and is planning similar tariffs on imports from Mexico and the European Union, the nation’s top trading partners, as part of its push to reshape global trade in favor of U.S. manufacturing and jobs.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.

President Donald Trump said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda.

The consequences of Trump’s tariffs have begun to set in. Prices are rising as normal Americans shoulder the burden of Trump’s fiscal policy of spite, and his tariffs cause basic goods to become more expensive.