Tariffs are taxes on imported goods, and typically their costs are passed along by businesses to buyers of the products, including everyday consumers.

U.S. President Donald Trump on Monday said he would tariff and tax countries to enrich Americans, promised an overhaul of the trade system, and said the United States would establish an "external revenue service".

US President Donald Trump promised tariffs and taxes on other countries Monday, in a nationalistic inaugural address after being sworn in as the 47th president. "Instead of taxing our citizens to enrich other countries,