President Trump has insisted that his new tariffs on America’s largest trading partners will not increase prices for Americans. But a review of how they work suggests that is not the case.

With a trio of executive orders, President Donald Trump has almost instantly thrown the world economy and his own goal of cutting inflation into turmoil. His tariffs against Canada and Mexico in order to stop illegal immigration and the illicit fentanyl trade led to retaliatory taxes by both countries on U.

Trump signed orders on Saturday evening, imposing 25% tariffs on imports from Mexico and Canada (though Canadian energy faces a lower tariff of 10%) and 10% tariffs on goods from China. Trump signed an Executive Order titled: “Imposing Duties to Address the Flow of Illicit Drugs Across Our Northern Border.