Tariffs have dominated headlines since President Donald Trump took office just over two weeks ago, as he threatened steep, sweeping tariffs on goods the United States imports from its three largest trading partners — Mexico,

Tariffs are in the news at the moment. But what are they? Tariffs are typically charged as a percentage of the price a buyer pays a foreign seller.

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.

U.S. President Donald Trump said on Sunday that although Britain was "out of line" when it came to trade he thought it may be able to avoid tariffs, adding of the imbalance: "I think that one can be worked out".