A University of Minnesota economist clearly defines what businesses and consumers should expect from broad-based tariffs.

Outside economists say that high tariffs are still likely to raise prices for American consumers, dampen the Federal Reserve’s ability to lower interest rates and make the U.S. economy less efficient over time. Democrats say the middle class and poor will ultimately pay for the tariffs.

A tariff simulator shows a dramatic drop in global exports to the U.S. as a result of Trump’s new trade deal with the European Union.

US President Donald Trump announced on Sunday that the United States was imposing 15-percent tariffs on all European Union countries.

Local businesses are bracing for the impact of President Donald Trump's sweeping retaliatory tariffs, set to take effect next week.

DETROIT (FOX 2) - The impact of tariffs is causing frustration for Metro Detroit businesses both large and small. On Wednesday, a group of small business owners gathered and spoke about their growing concerns about the Trump Administration's tariffs that they say are hurting the bottom line of many.

General Motors' second-quarter earnings took a $1.1-billion hit from tariffs, but the automaker still beat analyst expectations for the period on Tuesday, supported by strong sales of its core gasoline trucks and SUVs.

The European Central Bank has left interest rates unchanged as it waits to see how big a blow U.S. President Donald Trump’s tariffs will inflict on the economy before deciding whether to cut rates again.

FOX Business host Charles Payne analyzes how President Donald Trump’s trade deal with the European Union will directly impact Americans on ‘The Will Cain Show.’

Brazilian motor maker WEG said on Thursday it expects to offset most of the impact from the 50% tariff U.S. President Donald Trump said he would impose on Brazilian goods partly by adjusting some export routes.