The United States drastically cut its reliance on tariffs as a primary form of federal revenue over a century ago. Goods coming into U.S. ports, including the Port of Los Angeles, as seen here, will get more expensive under the Trump tariff proposal.

Trump proposed a 10% tariff on all US imports and a 60% levy on Chinese-made products, which if enacted would affect the entire economy.

Brace yourself. If he delivers on his campaign promises for an aggressive package of new US tariffs, they’ve warned, a re-elected Donald Trump will set the stage for a historic period of turmoil in the global economy.

An increase in tariffs, which likely would be met with countries imposing their own levies in retaliation, threatens global economic growth.