Danielle Kurtzleben

Well, we know Trump's going to lay them out at a big Rose Garden event at 4 p.m. Eastern, but his team has given few details on this. He and his advisers, in fact, were still working on the tariffs yesterday, which is itself notable. I mean, this is a potentially sweeping trade policy that has not been clearly communicated yet.

Well, we know Trump's going to lay them out at a big Rose Garden event at 4 p.m. Eastern, but his team has given few details on this. He and his advisers, in fact, were still working on the tariffs yesterday, which is itself notable. I mean, this is a potentially sweeping trade policy that has not been clearly communicated yet.

Well, we know Trump's going to lay them out at a big Rose Garden event at 4 p.m. Eastern, but his team has given few details on this. He and his advisers, in fact, were still working on the tariffs yesterday, which is itself notable. I mean, this is a potentially sweeping trade policy that has not been clearly communicated yet.

But as for what he's announcing, these are what he's been calling reciprocal tariffs, which he has said could apply to many different items and all countries. And he's long described them as mirroring other countries' tariffs. So give us an example there. Sure. So this week, White House Press Secretary Caroline Leavitt showed reporters a graphic of all kinds of tariffs on U.S. goods.

But as for what he's announcing, these are what he's been calling reciprocal tariffs, which he has said could apply to many different items and all countries. And he's long described them as mirroring other countries' tariffs. So give us an example there. Sure. So this week, White House Press Secretary Caroline Leavitt showed reporters a graphic of all kinds of tariffs on U.S. goods.

But as for what he's announcing, these are what he's been calling reciprocal tariffs, which he has said could apply to many different items and all countries. And he's long described them as mirroring other countries' tariffs. So give us an example there. Sure. So this week, White House Press Secretary Caroline Leavitt showed reporters a graphic of all kinds of tariffs on U.S. goods.

And one example was Mexico's 150 percent tariff on American alcohol. So a reciprocal tariff in this example could be the U.S. imposing a 150 percent tariff on Mexican alcohol. Now, again, I want to stress this is just a hypothetical I'm giving. But in this example, that would mean U.S. importers would pay a 150 percent tax to bring that alcohol into the country.

And one example was Mexico's 150 percent tariff on American alcohol. So a reciprocal tariff in this example could be the U.S. imposing a 150 percent tariff on Mexican alcohol. Now, again, I want to stress this is just a hypothetical I'm giving. But in this example, that would mean U.S. importers would pay a 150 percent tax to bring that alcohol into the country.

And one example was Mexico's 150 percent tariff on American alcohol. So a reciprocal tariff in this example could be the U.S. imposing a 150 percent tariff on Mexican alcohol. Now, again, I want to stress this is just a hypothetical I'm giving. But in this example, that would mean U.S. importers would pay a 150 percent tax to bring that alcohol into the country.

And in most cases, we could expect American businesses to either eat that cost or pass it on to consumers. OK, so that sounds like it could get pretty expensive. Yeah, it could. And stock markets and consumers are taking Trump seriously on this. Consumer confidence and stock indexes have been plummeting as reciprocal tariff day has grown closer.

And in most cases, we could expect American businesses to either eat that cost or pass it on to consumers. OK, so that sounds like it could get pretty expensive. Yeah, it could. And stock markets and consumers are taking Trump seriously on this. Consumer confidence and stock indexes have been plummeting as reciprocal tariff day has grown closer.

And in most cases, we could expect American businesses to either eat that cost or pass it on to consumers. OK, so that sounds like it could get pretty expensive. Yeah, it could. And stock markets and consumers are taking Trump seriously on this. Consumer confidence and stock indexes have been plummeting as reciprocal tariff day has grown closer.

And amid that, Trump seems to have softened on this idea of equal tariffs. Here he was talking to reporters this week.

And amid that, Trump seems to have softened on this idea of equal tariffs. Here he was talking to reporters this week.

And amid that, Trump seems to have softened on this idea of equal tariffs. Here he was talking to reporters this week.

And yesterday, Levitt also said different countries have been lobbying the president's team. Trump has left the door open to exceptions, but he has also said he doesn't want many.

And yesterday, Levitt also said different countries have been lobbying the president's team. Trump has left the door open to exceptions, but he has also said he doesn't want many.

And yesterday, Levitt also said different countries have been lobbying the president's team. Trump has left the door open to exceptions, but he has also said he doesn't want many.

Well, we have some broad ideas. One is that they'll lead to higher prices. The Yale Budget Lab did one hypothetical modeling of what these tariffs could look like, finding that in the short run, they'd cost the average household around $3,000 a year. And those costs, by the way, would hit lower income households harder than higher income.

Well, we have some broad ideas. One is that they'll lead to higher prices. The Yale Budget Lab did one hypothetical modeling of what these tariffs could look like, finding that in the short run, they'd cost the average household around $3,000 a year. And those costs, by the way, would hit lower income households harder than higher income.