If there are ready substitutes for imported goods, the importer has little ability to pass on the price increase to consumers," an economist said.

Trump has promoted the tariffs as part of a wider strategy to revive American manufacturing, and as a way to extract concessions from the U.S.' trading partners, adversaries and allies alike. "No room left for Mexico or Canada,

China and Canada have announced retaliatory action against tariffs imposed by Trump

President Donald Trump’s sweeping tariffs on imports from Canada, Mexico and China took effect at midnight. Reporting for TODAY, NBC’s Christine Romans says it’s only a matter of time until American families see price hikes nearly everywhere they spend money,