The tariffs would be a significant escalation of Trump’s previous proposal, which was already a major increase on more targeted tariffs enacted during Trump’s first administration and kept in place by President Joe Biden.

If they are imposed, the tariffs will hurt American consumers most of all. The North American supply chain is integrated; nearly $1trn-worth of goods crossed the northern and southern borders of the United States last year.

The chief executive of the company behind Ikea furniture stores says Donald Trump’s planned tariffs will make it more difficult to keep its prices low, joining a growing chorus of business leaders in warning of a potential hit to people’s wallets from the levies.