NPR.

This is the indicator from planet money.

I'm Whalen Wong.

And I'm Adrian Ma.

A freshly re-inugrated President Trump is making his first moves on tariffs, or pledging to anyway.

He's reportedly considering a 10% tariff on Chinese goods and a 25% tariff on goods from

Canada and Mexico. And he says both of these could start as early as next week.

Now, nothing has been finalized yet. But contrary to what President Trump has said, if the U.S. slaps tariffs on foreign products,

those countries are not the ones who pay it.

It's U.S. companies that import those products who pay.

And usually they pass that extra cost onto U.S. customers in the form of higher prices.

Yeah, but even before any of this happens, businesses can also face a less tangible cost,

the cost of uncertainty.

So today on the show, we're going to hear from a couple business owners who experienced Trump's

first trade war.

And we'll learn how uncertainty from tariffs, or even just a threat of them can ripple throughout an economy.

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