What is President Trump's new tariff plan and how might it affect American consumers?

President Trump has unveiled a new tariff plan that he acknowledges could lead to higher prices for American consumers. The plan is designed to establish fairness in global trade by targeting countries that impose tariffs on American goods, essentially creating a reciprocal tariff system. While Trump admits that prices may increase as a result of these tariffs, he positions the policy as a necessary measure to level the playing field in international trade. This tariff strategy comes at a time when inflation reports are already showing price increases across various essential goods and services. The implications for everyday Americans are significant, as these tariffs could contribute to the rising cost of living by making imported goods more expensive, potentially affecting everything from consumer products to basic necessities.