With new tariffs in effect, economists see profit dips and price hikes up ahead

President Trump's sweeping tariffs, which went into effect on Thursday , are likely to have a negative effect on companies' bottom lines and cause consumer prices to rise, trade experts say.

With the new duties on imports from dozens of U.S. trade partners now in place, Mr. Trump's foreign trade policy is expected to lead to even more dramatic cost increases for American companies and consumers, according to economists.

"Even if they might not raise prices immediately, it's unlikely that most businesses are just going to be willing to eat the extra costs forever," Matt Schulz, chief consumer finance analyst at LendingTree, an online lending marketplace, told CBS MoneyWatch.

The impact of tariffs on consumer prices was initially muted, explained Shulz, as firms can be reluctant