President Donald Trump has recently imposed substantial new tariffs on almost all nations that the U.S. trades with, causing concerns about potential price increases for consumers and exacerbating trade conflicts.

The tariffs apply to both allies and adversaries, with a baseline tax of 10% on all trading partners and higher tariffs on major partners, particularly those with which the U.S. has a trade deficit such as China, the European Union, and Japan.

Although Trump initially presented the tariffs as a bargaining chip to reduce taxes on U.S. exports, he now frames them as a means to boost domestic production and generate more revenue for the federal government. The implementation of these tariffs has created upheaval in global financial markets and raised worries about inflation and a slowdown in international economic growth.