Tariffs have had a particularly noticeable effect on Americans’ perceptions of the cost of food. The CFR-Morning Consult survey asked Americans how concerned they are about affording a range of everyday expenses. Across the board, a majority of Americans are concerned about their ability to afford day-to-day items.

Congress passed IEEPA to restrict the emergency economic powers granted to the president under the Trading with the Enemy Act, a 1917 law that gave the president expansive authority to regulate international transactions during wartime. President Richard M. Nixon used the precursor statute to briefly impose a 10 percent universal tariff in 1971.

The president loses his biggest tariffs power.

Tariffs are delivering record cash to Washington, turning a once sleepy corner of tax policy into a headline budget tool that some advisers now pitch as a path to trimming multi-trillion dollar deficits. The political sales pitch is simple: levy more taxes ...