In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.

President Donald Trump has repeatedly threatened to dramatically expand tariffs. It’s a move that could affect trillions of dollars in trade and reshape prices for everything from cars to medication — while potentially straining relationships with key U.S. trading partners.