The Trump administration's tariff policy has reshaped international trade dynamics, imposing significant import taxes on a wide range of countries and products. This approach has led to a substantial increase in the average effective tariff rate,

Mr. Trump's claim about tariffs lowering taxes amounts to "an argument that says, 'If Americans pay more out of their left pocket, the government will be able to put more in their right pocket,'" said Joe Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center, another think tank focused on taxes.

The Trump administration has made moves to ease tariff tensions with China but new reports indicate that prices, including for cars, are on the rise.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

Prior to President Trump's second term, there was little back and forth between the U.S. and China on tariffs. Here's what to know.