Trump has made clear he will use tariffs — many of which he can enact without Congress’ approval — to an unprecedented degree as a bludgeon against allies and rivals alike to achieve domestic and foreign policy goals. Rising inflation as tariffs result in higher prices on imports such as cars, electronics, food, and clothing.

Trump threatened the trade bloc with 100-percent tariffs should it attempt to create its own form of currency to undermine the U.S. dollar.