One set of people appear to have been hit the hardest by Donald Trump's latest set of tariffs: billionaires.
The US president confirmed his plans to tax the rest of the world last week and unsurprisingly it's thrown the economy into chaos, with seemingly all but one billionaire losing an absolute fortune off the back of the 78-year-old's announcement.
Even Trump's best pal Elon Musk, the world's richest man, has seriously suffered in the wake of the news, with America now set to earn a tax percentage from everything a US citizen purchases from another country, depending on the country and the item purchased.
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For example, with electronics set to be more heavily taxed and Trump imposing a particularly high 54 percent tariff on China, the price of an iPhone could soar for the average person in the US due to the vast majority of Apple products being manufactured there.
And with the trillion dollar company probably unlikely to pick up the bill themselves, customers will likely see a price increase.
So, while the average American will probably have to pay a little more when buying from other countries, it's the billionaires and giant tech companies that seem to have been hardest hit so far.
According to the NY Post, on Friday alone, $329 billion (£257 billion) was wiped off the world's 500 richest people's net worth, while a total of $500 billion (£391 billion) had been shaved off by the end of Monday.
After collectively losing over half a trillion dollars, which is the steepest loss ever recorded on the Bloomberg Billionaires Index, it is no surprise that the likes of Musk have already hit out at the Trump adviser who seemingly came up with the brilliant idea.
The likes of Zuckerberg, Gates and Bezos had no real answer to the tariffs as they collectively lost around $75 billion while Sergey Brin and Larry Page, the co-founders of Google, lost over $30 billion each.
Trump may well not be getting a Christmas card from some of his billionaire friends this year and given that it's only been a week since the president's 'Liberation Day', there may well be worse to come for some of Earth's richest individuals.
Sadly, the money they are losing from tariffs will seemingly soon end up in Trump and his government's back pocket, rather than mine or yours.
Topics: Donald Trump, Elon Musk, iPhone, Apple
James Moorhouse