Many companies are widely expected to pass the cost of tariffs on to customers. If an item that typically costs a company $10 to import is hit with a 10% tariff, for instance, it will then cost the business $11 to import, the BBC explains. That extra cost is usually added, in part, to the price of the good when it’s sold in stores.

Wave of US trade levies arrive, Bank of England sets interest rates, and Japan observes 80th anniversary of atomic bomb drops