Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.

One team of economists found clear price increases for American consumers due to President Donald Trump’s tariffs. I, a chart, they compare the price tags for imported goods with those for goods made in the U.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.