The tariffs are paid by US-based companies to US customs when they import goods from abroad.
US consumers could see a range of products become more expensive if companies choose to raise prices to offset the higher costs of importing goods.
For instance, Japanese cars face a 15-per-cent tariff while made-in-Vietnam T-shirts now have a 20-per-cent duty.
But companies have other options: they can absorb the higher cost, which would hit their bottom line, or they can try to negotiate lower prices with exporters.