WASHINGTON (NEXSTAR) - Sweeping tariffs on nearly every country on the planet are now in effect.

President Donald Trump campaigned on a promise to hike tariffs. He argues the U.S. was being ripped off.

The president says the U.S. will rake in billions in revenue and estimates show they already have: $80 billion since February according to Treasury data.

Bank rate economist Ted Rossman says it's still unclear if U.S. businesses will be forced to raise costs.

The tariffs only impact goods shipped after August 7th.

"What happens when retailers need to restock. That's especially significant for big ticket items that can take a while to produce and ship,” said Rossman.

Some companies, including mega retailer Walmart, have already increased their prices.

Michigan Democrats say U.S. auto m

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