What will Donald Trump’s tariffs mean for you? How they could affect your finances [Video]

Since Donald Trump’s inauguration in January, talk of tariffs has been pretty much non-stop. 

The eventual geographical targets, scale and impact of Trump’s tariffs remain unclear and are likely to shift throughout his presidency, but the direction of travel is clear.

The president wants to make it more expensive for US citizens and businesses to buy overseas goods. 

This month Trump introduced 25 per cent import taxes on all global steel and aluminium entering the US. This will affect some businesses in Britain. 

He has already imposed 25 per cent tariffs on other imports from Mexico and Canada, with some exemptions, and a 20 per cent levy on Chinese goods.

And in an example of how tit-for-tat trade wars can escalate, the US president has threatened to impose a 200 per cent tariff on alcohol from EU countries unless the bloc scraps its ‘nasty’ 50 per cent tariff on whisky. 

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