The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.

The president said Wednesday that imports from India would be subject to a 25 percent tariff as of Friday, as trade talks between the countries hit a stumbling block.