The Republican president-elect has vowed to impose tariffs of 60% on Chinese imports into the U.S. and duties of 10%-20% on goods from elsewhere. Trump also wants to extend expiring 2017 tax cuts and enact new tax breaks, which budget forecasters say could add new debt of $7.5 trillion over 10 years.

While campaigning for a second term in office, President-elect Donald Trump declared "tariff" to be his "favorite word" and "the most beautiful word in the dictionary." We'll explain how tariffs work,