PHOENIX -- The biggest victims of President Donald Trump's tariffs won't necessarily be Mexicans or Chinese.
Experts say the people likely to pay the steepest price are poor Americans. They already live close to the financial edge and could have to pay more for everyday purchases.
Jay Shambaugh is a senior fellow at the Brookings Institution. He says for many low-income households, tariffs are a tax on their consumption. That means they might have to cut back on spending.
Executives at Walmart and dollar-store chains, which import much of their merchandise and serve many low-income customers, have warned that tariffs could lead to higher prices.
The president last week announced plans to impose a 5% tax on Mexican imports. That threat follows a decision in May to hike tariffs on Chinese imports.