Trump is hellbent on tariffs. Here are 5 implications

President Trump's second term has been marked by intense economic uncertainty, from the war with Iran to tensions with countries around the world – and there appears to be no reprieve coming.The White House said on Thursday the U.S.would replace a temporary 10% tariff it had imposed earlier this year with a batch of new ones covering dozens of countries.The new levies, which kicked in on Friday after midnight, range from 10% to 12.5%, and they are meant to be more legally durable — though economists still say they are likely to be challenged.Here are five takeaways as Trump remains fixated on tariffs.It's already been a rough ride for many families, with the cost of living remaining a top concern after years of high inflation.Things may not get better anytime soon.

The renewed tensions with Iran are threatening to push up gas prices and broader energy costs — raising the prospect that inflation could once again pick up after prices had finally seemed to ease in June.The national average for gas prices is back up above $4 a gallon, according to AAA, after dipping below that level in late June as crude prices once again surge.Loading...Meanwhile, the average 30-year mortgage rate this week hit its highest in nearly a year and remains historically high.Now Trump's determination to find new legal ways to justify tariffs on imported goods threaten to burden households for longer.The new tariffs are not significantly higher than the ones they are replacing, and there are carveouts in place.But they are still higher than when Trump's second term started, with a current average rate of 11%, according to the Budget Lab at Yale University.The prospect of continued tariffs could extend the financial burden on Americans – imposing an additional cost of about $1,100 on households, according to Budget Lab.New Fed Chair Kevin Warsh inherited a challenging job when he was sworn in back in May.Inflation remains a top concern for policy makers even though the U.S.economy ha...