Trump positioned the tariffs as a way to “halt the flood of poisonous drugs into the United States,” referring to fentanyl. The change will have a big impact on the cost of a wide variety of goods imported from each country, including electronics, produce, clothing, and much more.

One of the justifications Trump has given for imposing tariffs on countries is they have a trade surplus with the US - in other words they sell more to the US than they import from America. He has claimed these trade surpluses amount to "massive subsidies that we're giving to Canada and to Mexico".

President Donald Trump announced extraordinary new tariffs over the weekend on Mexico, Canada and China, and the leaders of all three countries have since announced retaliatory measures. Former Deputy Director of the National Economic Council Jason Furman joins CNN’s Kasie Hunt to discuss the impacts tariffs will have on Americans’ lives.