President Donald Trump has made tariffs the key economic buzzword of his second term in the White House, raising red flags for many economists and prompting a lot of everyday people to ask: What are tariffs?

Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would rise as a result of the tariffs, he said that they “could go up somewhat” at first, but then “prices will also go down.”

The US leader's plan is set to spark a flurry of negotiations that could bring reductions in levies. Read more at straitstimes.com.