Trump increases tariffs on all Chinese imports by 10 percent. China retaliates with 10 to 15 percent tariffs on U.S. coal and liquefied natural gas products, as well as agricultural equipment. Trump also announces a 25-percent tariff on all steel and aluminum products coming into the U.S., which comes into effect in mid-March.

The steep drop in tariff rates on Chinese goods shipped to the United States might have consumers thinking there’s significant relief in sight — at least compared to before. But in practice it might not feel that way.