Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

Donald Trump's wide-ranging taxes on imports were reinstated this week after being deemed illegal by a trade court. Their ultimate fate is yet to be decided.

A US federal appeals court decided on Thursday night that Trump's global tariffs can temporarily stay in place while it considers the White House's appeal against the trade court's judgement - but the future of the President's tariff agenda remains in the balance.

President Trump's sweeping tariff plan would cut deficits by $2.8 trillion over 10 years while shrinking the economy, the nonpartisan Congressional Budget Office said.

The nonpartisan Congressional Budget Office handed Republicans a major political talking point Wednesday, with projections that showed the possibility for President Donald Trump’s tariffs to bring in more federal revenue than will be lost by his giant tax-cut plan.