Tariffs Explained: I Have Everything You Need to Know as Trump Spars With Apple, Walmart

Donald Trump's second term economic plan can be summed up in one word: tariffs. When his barrage of these import taxes went into overdrive a month ago, markets trembled and business leaders sounded alarms about the economic damage they would cause. Some companies -- like Apple and Walmart -- have been candid about the realities of these impacts, prompting backlash from the president.

Apple, for its part, has been working to move manufacturing for the US market from China to relatively less-tariffed India, to which Trump has threatened them with a 25% penalty rate if they don't bring manufacturing to the US instead. Experts have predicted that a US-made iPhone, for example, would cost consumers about $3,500. During an earnings call last week, Walmart warned that prices would rise on things like toys, tech and food at some point in the summer, which prompted Trump to demand the chain ...