Republican presidential candidate former President Donald Trump arrives ... [+] for a rally at Festival Park on June 18, 2024 in Racine, Wisconsin. Th

Trump advisers describe tariffs as a “core belief” for the president-elect. He has sung their praises for decades. Today he says they can also raise money to fund tax cuts and force other governments to make concessions on trade and immigration.

President-elect Trump is set to introduce heavy tariffs on imported goods, continuing from his first term and President Biden's tenure. With proposed taxes of up to 60% on some imports, consumers may face higher prices on items like clothes and electronics.

While campaigning for a second term in office, President-elect Donald Trump declared “tariff” to be his “favorite word” and “the most beautiful word in the dictionary.” He regularly said he would use tariffs to raise federal revenue and increase jobs and manufacturing in the United States.