https://www.nytimes.com/2024/06/27/us/politics/trump-trade-tariffs-imports.html
As president, Mr. Trump presided over the biggest increase in U.S. tariffs since the Great Depression, hitting China, Canada, the European Union, Mexico, India and other governments with stiff levies. They hit back, imposing tariffs on American soybeans, whiskey, orange juice and motorcycles. U.S. agricultural exports plummeted, prompting Mr. Trump to send $23 billion to farmers to help offset losses.
Studies show that the tariffs resulted in higher prices for American consumers and factories that depend on foreign inputs, and reduced U.S. exports for certain goods that were subject to retaliation.