Tariffs in Effect: What's Next

President Donald Trump has announced that reciprocal tariffs are on the table for all countries, effective this week. Additionally, 25 percent tariffs on foreign-made cars and auto parts will kick in on Thursday.

Economics professor Keith Maskus warns that consumers will ultimately pay the price for these tariffs. "In the end, it is pretty much always the domestic consumers that pay almost the full share these tariffs. And again, it's just the way tariffs work," he said.

This could lead to higher prices for cars, groceries, housing, and other goods impacted by the tariffs. Those who can afford them the least may feel the pinch the most. "The share of consumption that low-income households pay for tariffs is much, much higher than it is for middle-income or higher wealthier consumers," Maskus said.

According to an analysis from Yale University, tariffs on Canada, Mexico, and China alone could cost the average household up to $2,000 annually. President Trump has referred to Wednesday as "Liberation Day", but many American consumers are not optimistic about the impact tariffs will have on them.

A new CBS News/YouGov poll shows that 72 percent of Americans think the tariffs will increase prices in the short term and less than a third believe it will drive prices down in the long term.