Navarro, in the TV interview, said the Trump administration views “tariffs as tax cuts,” referring to the idea that Republicans could heavily rely on the duties to help pay for the multi-trillion-dollar cost of extending Trump’s 2017 tax cuts for another 10 years.

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.

Trump underscored his intention to use tariffs, a tax on foreign goods, as a tool of international economic policy and an increasingly vital source of government revenue.