Katherine Schmeiser Lande, professor of economics at Mount Holyoke College, warns that Trump's new tariffs could raise prices for both consumers and producers, potentially leading to job losses.

"In terms of the idea that this is just going to raise a lot of money, it's not clear how that happens without it being at the the cost of the U.S. consumer and some producers as well. Prices are going to go up for everybody. There will be job losses, probably," said Katherine Schmeiser Lande.