Trump has touted the $125 billion in revenue his already-existent import taxes have brought in, with hundreds of billions more pledged by a handful of nations in the form of investments. Yet it’s come at the cost of slower economic growth and the prospect of already stubborn inflation reheating.

President Donald Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US, as he forged ahead with his effort to reshape international commerce.