Amid widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" on all U.S. trading partners, and higher rates on certain trading partners.

Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, economists don’t share Trump’s enthusiasm for tariffs since they’re a tax on importers that usually get passed on to consumers, and have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade, and hurt global economy.