China is no longer the main source for U.S. imports. Mexico took its place last year. That seismic shift started in 2018 after President Trump signed into law a round of tariffs on many Chinese imports during his first term.

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.

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.

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,