Experts have warned that Trump’s tariffs, which he’s said could also include a 10 percent tariff on all foreign goods, could send domestic inflation through the roof and trigger trade wars abroad. For private sector leaders, the cost of doing business would likely rise—increases which would then probably be passed down to consumers, too.

JPMorgan Chase CEO Jamie Dimon on Wednesday downplayed concerns about new tariffs from the Trump administration: 'If it's a little inflationary, but it's good for national security, so be it.'