American consumers awoke July 24 to news of new tariffs of 10% to 12.5% on imports from more than 80 countries. What does it mean for consumers?

The sweeping new tariff would range from 10% to 12.5%.

The United States will slap taxes of 10% to 12.5% on imports from 60 countries accounting for 99% of U.S. imports, charging that they have inadequately enforced bans on goods…