The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.

President Donald Trump on Tuesday threatened to raise tariffs on Indian imports as high as 25% if the allied nations cannot complete a long-sought trade agreement.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.