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.

President Trump’s imposition of high tariffs on friend and foe alike has stunned the world and stumped economists. There is no economic rationale, experts say, for believing these tariffs will usher in a new era of American prosperity.

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.

US President Donald Trump has announced sweeping tariffs on goods imported from the rest of the world. Trump claims that a 10% tariff on all nations and much higher rates of up to 104% on individual countries will boost the US economy and protect jobs.

The tariffs, which start at a baseline rate of 10% and affect 185 countries, took effect on April 9.

Americans will start paying sharply higher prices on imported goods beginning Wednesday, as President Trump enacts sweeping tariffs targeting key U.S. trade partners. Trump on April 5 introduced a universal 10% tax on all imports.