Economists predict businesses and consumers will see price hikes on everything from food imports like coffee and chocolate to iPhones and other electronics manufactured outside the U.S.

The new barriers, imposed unilaterally by Trump on what he called "Liberation Day", and retaliations expected from major economies could lead to dramatically higher prices for everything from bicycles to wine. The move will make America an unreliable trade partner and the world's most tariff-heavy industrialized nation by far.