Trump has made clear he will use tariffs — many of which he can enact without Congress’ approval — to an unprecedented degree as a bludgeon against allies and rivals alike to achieve domestic and foreign policy goals. Rising inflation as tariffs result in higher prices on imports such as cars, electronics, food, and clothing.

President-elect Donald Trump has issued a threat to countries that may try to undervalue the US dollar, saying that if they do so, he will levy 100% tariffs against them.