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.

India is weighing options to placate the White House, including boosting US imports, and has ruled out immediate retaliation to President Donald Trump’s surprise 25% tariff threat, according to people familiar with the matter.