The National Taxpayers Union estimates that Trump's tariffs will cost the average U.S. household an additional $2,048 a year or about $171 per month. Consumers will face an overall effective tariff rate of 18%, the highest since 1934, according to the Yale Budget Lab.

The president also touted agreements over hundreds of billions of dollars in foreign investment into the United States.

US President Donald Trump’s 25% tariff on Indian exports from Aug. 1 is expected to hurt a spate of sectors — from makers of electronics and generic drugs to jewelry and auto component firms.