When the dust settles, Trump may find that most imports continue unabated—only now, U.S. consumers are paying more. Yes, the higher tariffs could marginally boost government revenues, but the burden will ultimately fall on the American public. And there’s more: once other countries respond with reciprocal tariffs on U.S. exports, American producers will struggle in overseas markets. Competing against countries like China—who often leverage non-transparent pricing and generous credit terms—will become even tougher.