Trump on Tariffs: How the plan on imported goods could cost Americans

Now that President-elect Donald Trump is headed back to the White House, Americans are waiting to see how the 47th president will impact their everyday lives, with a special focus on how he handles the economy.

While Trump has promised to lower inflation , he has also pushed tariffs on imported goods as a way to boost American businesses.

The tariffs would be implemented as a tax on imports, but that doesn't mean they are paid by foreign countries. The cost falls to importing companies, who typically pass them to consumers, who are forced to pay a higher price.

"These tariffs would certainly mean higher prices for us American consumers," Michael Ryan, a finance expert and founder of michaelryanmoney.com, told Newsweek. "Retailers/importers will pass these increased costs onto shoppers, driving up the price of everyday items like toasters and washing machines."