President-elect Donald Trump has promised to impose steep tariffs once he takes office. So what impact would that have on your wallet?

It’s unlikely that tariffs can raise a meaningful amount of revenues that somehow shrink the federal deficit — that would have to come from spending cuts. Are tariffs a solution or a risky gambit? The new trade tariffs likely under “Trump 2.

Tariffs help American manufacturers become more competitive since many countries, such as China, Vietnam, and Mexico, pay workers low wages.

President-elect Donald Trump claims he can unilaterally impose sweeping tariffs on U.S. imports. The reality is more complicated, according to trade experts.

An analysis by the nonpartisan Peterson Institute for International Economics estimates Trump’s proposed tariffs would cost a typical U.S. household more than $2,600 a year. “High tariffs also imply a massive shifting of the tax burden from richer taxpayers toward lower-income Americans,” the report said.

It’s all but certain that tariffs will soar with Donald Trump’s return to office. Many companies are struggling with the calculus that uniform tariffs of up to 20 percent may bring.