The tariffs that President Donald Trump is imposing on Canada, China, and Mexico, the three largest U.S. trading partners, could cost the average American household $1,200 a year at a time when many are desperate for lower prices after years of inflation eating away at their bank accounts.

President Donald Trump's plan to impose tariffs on three of the nation's biggest trading partners Saturday could have sweeping impact across the world, and raise prices for American consumers. Trump will impose 25% tariffs on goods from Canada and Mexico,