The U.S. Constitution gives the power to impose taxes — including tariffs — to Congress. But lawmakers have gradually relinquished power over trade policy to the White House. And Trump has made the most of the power vacuum, raising the average U.S. tariff to more than 18%, highest since 1934, according to the Budget Lab at Yale University.

The White House is portraying Friday's launch of President Donald Trump's new tariffs regime as a testament to his negotiating skills, despite concerns that the taxes will stunt the economy and increase inflation in ways that disproportionately harm working-class Americans.

The US is seeing increased tariffs income, but there are signs of some countries diverting trade from America.