President Donald Trump told reporters that his administration is considering sending rebate checks to Americans as a bonus from growing tariff revenues. "We're thinking about a little rebate," Trump said Friday before leaving on his trip to Scotland. "But the big thing we want to do is pay down debt. But we're thinking about a rebate."

With inflation creeping back into the US economy, it's as important as ever to have a firm grasp on Donald Trump's tariffs and what they mean.

Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.