President Donald Trump has made seismic shifts to U.S. trade that could have long-term effects on the economy and your pocketbook.

All U.S. imports face a baseline 10% tariff as of this weekend. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

This week, I sought the argument for why US tariff rates won’t stay high for long. Here’s what I found. First, the economic pain. In the near term, most forecasters expect Trump’s import duties to raise prices and slow economic activity.