The president-elect says that tariff is “the most beautiful word in the dictionary.” You may be hearing it a lot.

To me, the most beautiful word in the dictionary is tariff,” Donald Trump said in an interview last month at the Economic Club of Chicago, adding, “it’s my favourite word.”

Trump, during his previous presidency, had imposed 25 per cent tariffs on imports of steel and 10 per cent on aluminium from most countries, including the EU, in 2018. Under Biden, the US and the EU agreed to suspend tariffs in 2021, with the US introducing a quota system instead.

Even steeper levies would force some hard choices on Beijing.

A number of U.S. companies whose products are imported from China are devising alternative plans to source their goods from elsewhere. President-elect Trump says he wants to impose 10 percent tariffs on most imports and 60 percent or more on Chinese goods.

Donald Trump says foreign nations will pay the costs of tariffs he imposes, but usually it's U.S. consumers who pick up the tab.

While campaigning, Trump threatened to impose heavier tariffs and pressure Beijing. The incoming president previously said he would increase tariffs on China as high as 60 to 100 percent, which would devastate the country’s economic growth and stress global supply chains.