American businesses and consumers soon will have a better idea of how President Donald Trump’s foreign trade agenda might affect them. The United States imposed higher tariffs on products from dozens of countries on Thursday. The Budget Lab at Yale estimated that the country-specific import taxes and other tariffs put in place this year would cost each U.S. household the equivalent of $2,400 in lost income. But the nonpartisan research center says the combined tariffs will “disproportionately affect” what Americans pay for shoes and clothes. But the individual impact on business costs and consumer prices could vary as much as the tariffs applied to the goods of nearly 70 U.S. trading partners.
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