Kimberly Clausing (PIIE) and Mary E. Lovely (PIIE)

In early February, President Donald Trump threatened to impose 25 percent tariffs on most goods from Canada and Mexico and to raise tariffs on goods from China by 10 percentage points. The North American tariffs were paused for 30 days; the Chinese tariffs took effect February 4. Implementing them all would cost the median household more than $1,200 a year.