Republican presidential candidate former President Donald Trump arrives ... [+] for a rally at Festival Park on June 18, 2024 in Racine, Wisconsin. Th

Trump advisers describe tariffs as a “core belief” for the president-elect. He has sung their praises for decades. Today he says they can also raise money to fund tax cuts and force other governments to make concessions on trade and immigration.

President-elect Trump is set to introduce heavy tariffs on imported goods, continuing from his first term and President Biden's tenure. With proposed taxes of up to 60% on some imports, consumers may face higher prices on items like clothes and electronics.

While campaigning for a second term in office, President-elect Donald Trump declared "tariff" to be his "favorite word" and "the most beautiful word in the dictionary." We'll explain how tariffs work,