Tariffs have had a particularly noticeable effect on Americans’ perceptions of the cost of food. The CFR-Morning Consult survey asked Americans how concerned they are about affording a range of everyday expenses. Across the board, a majority of Americans are concerned about their ability to afford day-to-day items.

The three-month average goods deficit in Q4 of 2025 was $80.5 billion, down 27 percent from $109.6 billion in the fourth quarter of 2024 — a decline of $29.1 billion. Moreover, the combined goods and services deficit fell even more dramatically, dropping 40 percent from $83.6 billion to $50.7 billion.

Congress passed IEEPA to restrict the emergency economic powers granted to the president under the Trading with the Enemy Act, a 1917 law that gave the president expansive authority to regulate international transactions during wartime. President Richard M. Nixon used the precursor statute to briefly impose a 10 percent universal tariff in 1971.

The most extreme prognostications about the increase in car prices due to tariffs–tarifs that the U.S. Supreme Court recently deemed at least partially unconstitutional–haven’t yet materialized. This is partially because there were numerous carveouts given to automakers,

President Donald Trump's "reciprocal" tariffs were deemed unconstitutional by the Supreme Court, but some sector-specific tariffs remain in place.