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.

Tariffs were the centerpiece of Trump's economic agenda on the 2024 campaign trail, and his administration has argued they will spur production in America. However, some analysts say that manufacturers will pass the costs of the tariffs on to consumers, effectively raising prices.

Dow Jones futures plunged Sunday evening, along with S&P 500 futures and Nasdaq futures, after Trump tariffs triggered the major indexes' worst week since the March 2020 Covid crash.The stock market suffered a meltdown last week,

Top Trump administration officials are offering mixed messaging on the possibility of negotiating the president’s newly announced tariffs, framing the move as a necessary economic reset and downplaying severe market volatility and uncertainty.

There is not much information available about the details of the tariff policy, and reports show that the White House may not have finalized the details.

President Trump will consider a final proposal for TikTok on Wednesday, sources familiar with the planning tell CBS News.

President Donald Trump's sweeping global tariffs announced on Wednesday constitute a disaster for Tesla (NASDAQ:TSLA) and Apple (NASDAQ:AAPL), said Wedbush Securities analyst Dan Ives, substantially lowering his price target for both the tech giants.

Despite a video shared by Trump on Truth Social stating a market crash was part of his economic strategy, Kevin Hassett refuted the claim on ABC's "This Week."