What Donald Trump's expanded tariffs mean for consumers

President Donald Trump is imposing higher import taxes on dozens of countries starting Thursday. Goods from more than 60 countries and the European Union are now subject to tariff rates of 10% or higher. Products from the EU, Japan, and South Korea are taxed at a rate of 15%. Imports from Taiwan, Vietnam, and Bangladesh account for 20%. But the president expects the EU, Japan, and South Korea to invest hundreds of billions of dollars in the United States. So, what does all this mean for you, the consumer, in the short and long term?