ToplineTrump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and they could hike up the cost of consumer goods imported from other countries.

One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

On Monday morning, Trump said the baseline tariff rate for the world will be “in the range of 15 to 20% ... probably one of those two numbers.” “We’re going to be setting a tariff for essentially the rest of the world,