How President Trumps latest tariffs could affect your wallet [Video]

President Donald Trump has unveiled his latest tariffs, and they could have significant implications for your wallet.Trump’s sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increase prices for everyday items.Stay up-to-date: The latest headlines from KOAT Action 7 NewsThe trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality.Tariffs are taxes on goods imported from other countries. Companies buying foreign products pay the tariffs imposed on them — and, as a result, face higher costs that are typically passed on to customers.”President Trump ran around and issued this newest round of tariffs with Chinese imports facing a potential staggering 125% tariff. It isn’t just a tweak, this is really a trade sledgehammer that affects everybody, especially here in New Mexico,” University of New Mexico Reilly White said.”We think about …