The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.

President Donald Trump on Tuesday threatened to raise tariffs on Indian imports as high as 25% if the allied nations cannot complete a long-sought trade agreement.