How Trump's Latest Tariffs Could Affect Your Wallet

President Donald Trump has unveiled his latest tariffs , and they could have significant implications for your wallet.

Trump's sweeping new tariffs , on top of previous levies and retaliation worldwide, are expected to increases prices for everyday items. The trade wars have already roiled financial markets and plunged businesses into uncertainty - all while economists warn of potentially weakened economic growth and heightened inequality.

Which impacts will be felt by consumers and workers first? And what can households do in the face of so much uncertainty? Here's what you need to know:

What are tariffs and how will they affect me?

Tariffs are taxes on goods imported from other countries. Companies buying foreign products pay the tariffs imposed on them - and, as a result, face higher costs that are typically passed on to customers.