President Donald Trump is set to meet with European Commission chief Ursula von der Leyen in Scotland to discuss trade. Both sides are seeking an agreement on tariff rates.

Who pays for these tariffs? Most economists reckon that ordinary Americans will lose out, as prices in shops rise. Mr Trump and his coterie, by contrast, blithely insist that the rest of the world will shoulder the load by cutting their selling prices. So far, the evidence is giving the know-nothings a glimmer of hope.

Donald Trump's tariff announcement and pause roiled and reinvigorated Wall Street. The wild ride for stocks truly began following the close of trading on April 2. This day, common

US PRESIDENT DONALD Trump and European Commission President Ursula von der Leyen are meeting in Scotland in a high-stakes attempt to end a months-long transatlantic trade dispute, with Trump putting the odds of a deal at “50-50″.

The US and China are likely to extend their tariff truce for another 90 days as trade negotiations continue, with discussions planned in Stockholm on Monday. During this period, both countries will refrain from new tariffs.

With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.

Starting August 1, President Donald Trump’s new tariffs will go into effect for a number of countries.

Following the launch of President Donald Trump’s trade war, it now has an “effective” tariff of over 16%, the highest since the 1930s (see chart 1). And rates could go even higher. Mr Trump has written strongly worded letters to many of America’s biggest trading partners threatening further levies on August 1st.