Residents of South Jersey and the rest of the U.S. may soon pay more for coffee, clothing and more under new tariffs announced this week by Trump.

President Donald Trump announced new tariffs, imposing a 10% baseline tax on most imports, with increased rates for nations with trade surpluses. Notable exceptions include Canada and Mexico due to existing agreements.

From the European Union to China, leaders from around the world are promising retaliation against Trump's tariffs, with some already taking action.

Prime Minister Mark Carney of Canada has announced reciprocal tariffs on U.S.-made vehicles as President Donald Trump's sweeping tariffs went into effect, sending shockwaves through the global financial system.

Canadian Prime Minister Mark Carney said the tariff could raise up to C$8 billion, which would be used to help workers and companies affected by the Trump tariffs.