President Trump announced another wave of China tariffs this week, essentially saying he would impose a tax on nearly all $540 billion in Chinese goods that come into the United States in a year. And this batch could really bite.

The administration carefully tailored previous rounds of tariffs to pinch businesses in ways that most Americans might not notice. But the 10 percent levy on $300 billion of imports that Mr. Trump announced on Thursday, which would take effect Sept. 1, is expected to hit consumers where it hurts. From Apple’s iPhones to school supplies, a broad swath of everyday products are about to get more expensive.

The latest move is likely to prompt companies to submit exclusion requests to be spared from the tariffs, cause the Federal Reserve to rethink its plans for interest rates and inspire fresh retaliation from China that could compound Americans’ economic pain.

Here’s what to expect.

Scramble for exclusions

Until Sept. 1, the focus will be on the Office of the United States Trade Representative for a final list of the Chinese products subject to the new tariffs. The items will come from a 76-page list published in the Federal Register in May after Mr. Trump said that he wanted to have more potential tariffs in his quiver if the trade dispute dragged on.