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.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.

President Donald Trump’s move to penalise India for buying oil and arms from Russia will increase economic risks for the South Asian nation and test its longstanding ties