But some economists predict Americans will feel the pain – at least in the short term – and low-income Americans most of all. Start the day smarter. Get all the news you need in your inbox each morning.

For a closer look at how President Trump's tariffs are already impacting the U.S. and global economies, Amna Nawaz spoke with Mary Lovely, a senior fellow who studies tariffs at the nonpartisan Peterson Institute for International Economics.