Reuters
A number of firms including Adidas have warned they will put up prices for US customers
US President Donald Trump has announced a series of new tariffs, arguing these will boost American manufacturing and protect jobs.
But the import taxes have thrown the world economy into chaos and many products are set to become more expensive for US consumers.
The UK and US are set to announce a deal on tariffs, with other countries also hoping to reach an agreement with the White House.
What are tariffs and how do they work?
Tariffs are taxes charged on goods bought from other countries.
Typically, they are a percentage of a product’s value.
A10% tariff means a $10 product would have a $1 tax on top – taking the total cost to $11 (£8.35).
Companies that bring foreign goods into the US have to pay the tax to the government.
They may pass some or all of the extra cost on to customers. Firms may…
