The next phase of Trump's trade war could break consumers' banks

Adapted from a Peterson Institute for International Economics analysis; Chart: Axios Visuals

One big question still unanswered by President Trump is how much of the Chinese products the U.S. imports he actually plans to hit with tariffs. The answer will make a significant difference, not just because of the impact to China but because of the way the administration had set up the tariffs to be instituted.

What to watch: So far, very little of the tariffs have actually hit consumers because most of the goods have been intermediate or capital, meaning they are used as components of items sold rather than things consumers buy directly. The next phase of tariffs could change that.

Go deeper: Tariffs on China could hit U.S. hard, too