What could Trump's tariffs on Mexico, Canada and China mean for consumers? Here's what to know

Contributing sentiments towards policy:

61% : Tariffs fell out of favor as global trade grew after World War II.
57% : "Tariffs, I told you, most beautiful word in the dictionary," Trump said Monday as he recalled his campaign speeches praising the import taxes.
56% : In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country.
56% : Still, Trump wants to enact a budget policy that resembles what was in place in the 19th century.
49% : "You see the power of the tariff," Trump told reporters Friday.
45% : Tariffs can be lower for countries with which the United States has trade agreements.
44% : Thursday, Trump confirmed that he's "in the process" of implementing the trade sanctions on China and left the door open to including oil in those tariffs.
42% : Before the federal income tax was established in 1913, tariffs were a major revenue driver for the government.
40% : " Trump has made lower gasoline prices one of his key strategies for tackling inflation, but tariffs on Canada could drive up prices at the pump unless Trump creates carveouts in his plan.
39% : These retaliatory tariffs were only partly offset by billions in government aid that Trump doled out to farmers.
38% : It is unclear how the tariffs could affect the business investments that Trump said would happen because of his plans to cut corporate tax rates and remove regulations.
36% : Trump has argued, however, that tariffs will prompt other countries to negotiate better trade deals and motivate them to lower their own tariffs on U.S. imports.
30% : Trump insists that tariffs are paid for by foreign countries.
29% : Trump even sees tariffs as a way to prevent wars.
28% : In 2019, for example, Trump used the threat of tariffs as leverage to persuade Mexico to crack down on waves of Central American migrants crossing Mexican territory on their way to the United States.
20% : It is possible that the tariffs could be short-lived if Canada and Mexico can reach a deal with Trump to more aggressively address illegal immigration and fentanyl smuggling.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.