Trump Unveils Tariffs, Raises Prices
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universal tariffsCBS News
•Business
Business & Economics
Which products will be affected by tariffs? Here's what Trump's "Liberation Day" could make pricier.
86% Informative
President Trump announced new tariffs on Wednesday that will go into effect on April 9 .
The new tariffs include a 10% universal tariff on imports and a reciprocal tariff on 60 countries.
President Trump characterizes tariffs as paid by other nations, but they are paid by U.S. importers.
Because the tariffs create higher costs for those businesses, they typically pass on all or some of the tariffs to consumers.
Among the nations that export cocoa beans to the U.S. are Cote d'Ivoire and Ecuador .
Those nations will face reciprocal tariffs of 21% and 10% .
Swiss watches will face a new reciprocal tariff of 31% .
The new tariffs will impact watches from affordable brands such as Swatch to pricey Rolex .
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