Economists almost universally agree that the tariffs imposed by President Trump will cost the average American household hundreds, if not thousands, of dollars every year in higher goods costs. Why it matters: It's not yet clear those households can,

Trump has long proposed raising tariffs—or taxes on imported goods that the businesses importing them pay the U.S. government—before the election, and said in November he’ll impose a 25% tariff rate on all imports from Mexico and Canada on the first day of his presidency and will impose an additional 10% tariff rate on all imports from China on top of other tariffs.