Gary Cohn, who served as director of the National Economic Council under President Trump, said the effects of tariffs will start to be felt nationwide by late next month, warning that lower-income Americans will “end up paying a disproportionate percentage of the tariffs,” reported CNN.

A dozen states, led by New York, are suing the Trump administration for "imposing imposing unprecedented tax hikes on Americans in the form of tariffs," according to an announcement released by New York Attorney General Letitia James and Gov. Kathy Hochul.

U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were under way and said he did not know if the U.S. president had talked to Chinese President Xi Jinping.