Throughout the presidential race, President Donald Trump promised to levy substantial, and controversial, tariffs against China and Mexico on Day 1 of his presidency.
While President Trump signed a substantial number of executive orders on his first day in office, tariffs have not yet come, but they may be in sight.
Here are seven updates to know on President Trump's tariff promises:
1. President Trump has proposed 25% tariffs on both China and Mexico to pressure them to keep migrants and drugs out of the U.S.
2. The National Retail Federation, a trade group, released an analysis saying the effects of President Trump's tariffs would be "dramatic." Another analysis by the Yale Budget Lab found that all Americans would feel some sort of effect from tariffs, given that some domestic companies may even raise prices knowing that their foreign competitors have been forced to increase prices.
3. About 42% of Americans oppose raising tariffs outright.
4. During President Trump's first administration, he imposed tariffs that left 60% of U.S.-China trade subject to 20% tariffs. Researchers believe that it may take years to fully assess the success of these policies, but overall, tariffs did not lower the cost of Chinese imports and consumers paid more for goods, nor they did bring manufacturing back to the U.S. Meanwhile, sectors targeted by retaliatory tariffs were hurt.
5. New tariffs may hit Feb. 1. "The president will be implementing tomorrow 25% tariffs on Mexico, 25% tariffs on Canada and a 10% tariff on China, for the illegal fentanyl they have sourced and allowed to distribute into our country, which has killed tens of millions of Americans," Karoline Leavitt, White House spokeswoman, said at a Jan. 31 press briefing.
6. Economists have warned that stiff tariffs could reawaken U.S. inflation on a range of consumer goods and slow economic growth, according to a Jan. 31 CBS News report.
7. Along with targeting Canada and Mexico, the Trump administration has floated the possibility of a blanket tariff on a range of countries in Asia, South America, Europe and other regions.