Experts have warned that Trump’s tariffs, which he’s said could also include a 10 percent tariff on all foreign goods, could send domestic inflation through the roof and trigger trade wars abroad. For private sector leaders, the cost of doing business would likely rise—increases which would then probably be passed down to consumers, too.

JPMorgan Chase CEO Jamie Dimon said in a new interview that tariffs are an economic tool that could boost inflation but could be useful for addressing national security concerns.