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.

India expects US trade negotiators to visit the country later this month to continue talks on a bilateral deal, an official in New Delhi said, after President Donald Trump hit the South Asian nation with a 25% tariff.