The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.

The president said Wednesday that imports from India would be subject to a 25 percent tariff as of Friday, as trade talks between the countries hit a stumbling block.