While there are still some unknowns, one thing is clear, economists said: U.S. consumers should brace for a negative financial impact.

President Donald Trump's plan to impose tariffs on three of the nation's biggest trading partners Saturday could have sweeping impact across the world, and raise prices for American consumers. Trump will impose 25% tariffs on goods from Canada and Mexico,

President Donald Trump will move forward with aggressive new tariffs on Canada, Mexico and China on Saturday, the White House said, affirming he will stick to his February 1 deadline for the new duties that could have widespread effects on the economy.