However, all Trump seems to have achieved so far is potentially starting a world trade war, which will also see prices raise drastically for American customers, particularly when it comes to electronics and cars.
While the UK are still desperately trying to make a deal, perhaps using our renowned 'special relationship' with the US, the tariffs currently mean that any US customers wanting to buy from UK brands will now see 10 percent of their fee go straight to Trump's government, or 25 percent if it's a car.
However, it's even worse for US customers who want to get hold of the latest Apple iPhone model, given that a huge percentage of the phones are manufactured in China, where some of the steepest tariffs have been imposed.
Although it is written as 34 percent on paper, it will be 54 percent as it will stack with other US tariffs on the Asian country.
This will force Apple to choose whether to absorb the added cost or to make consumers shoulder some, or all, of the burden.
And while the American company is worth well over $3 trillion (yes, trillion), it seems almost inevitable that it will be the average Joes who pick up the pieces of the mess which Trump has created.
President Trump announced his 'Liberation Day' plans to 'make America wealthy again' earlier this week (BRENDAN SMIALOWSKI/AFP via Getty Images)
According to analysis by Rosenblatt Securities, the US investment bank, the price of the latest iPhone Pro Max could soon go from $1,599 (£1,241) to $2,300 (£1,785), which represents an eye-watering 43 percent increase.
Neil Shah, co-founder of Counterpoint Research, said: “How much smartphone prices need to increase depends on where a given device is made. For example, India’s tariffs are at 26 per cent, but Brazil is only 10 percent — the lowest among the key iPhone manufacturing centres.
"But Brazil probably doesn’t have enough capacity to fill the gap so the way things stand I would ballpark price increases of around 30 percent on average.”
Apple has been one of the hardest hit companies by Trump's tariffs, losing $244 billion since Wednesday alone, The Times reports.
Apple has been heavily impacted by Trump's tariffs (Jakub Porzycki/NurPhoto via Getty Images)
It's no surprise that China have since imposed 34 percent tariffs on the US in response, which seems to be only the start of what could quickly become a global trade war.
So, if you were hoping that things might get a bit cheaper soon, think again.
