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As expected, Donald Trump has backed off a bit on the ambitious tariff goals he touted on the campaign trail. 

“I think we’ll do it Feb. 1,” Trump said during a Monday press conference, referring to tariff increases on Canada, Mexico and China. 

While he did not comment on specific timing or pace of tariffs, based on conversations with Stephen Miran, head of Trump’s council of economic advisors, we expect to see tariffs increase by around 2% to 5% per month. 

The first time Trump proposed 25% tariffs on China was back in 2018. What ended up actually happening was a ~17%…

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