Tariffs are taxes on imports, often passed on by businesses to consumers as higher prices. Trump's 2025 tariffs (up to 60% on some goods) aim to protect US industries but have raised costs for items like electronics, clothing, and cars, per analyses from Yale Budget Lab, Tax Foundation, and BLS (adding ~2-3% to inflation, $1,300-$3,800/household annually). While he claimed they'd lower prices by boosting domestic production, economists across sources note the opposite effect due to reduced competition and supply chain disruptions.