A new Yale University study says President Donald Trump’s tariffs could cost the average American household $4,700 a year.

The study says the tariffs, with a minimum of 10% on goods imported from nearly every country, mean consumers would face an overall average effective tariff rate of 27% - the highest since 1903.

Details of the president's tariffs are constantly changing.

"You can't really focus in on what it's going to cost until the actual tariffs settle down," said University of New Haven associate professor Jim Mohs.

The Yale study says clothing, textiles and food will increase the most and stay higher for a longer period of time. On clothing items, the study predicts a 64% price increase immediately dropping to a 27% increase after consumers and retailers shift buying habits. Textiles are expected to increase 44%, dropping to 17% after the consumer shift. And food prices are expected to rise 2.6% and then remain 3% higher than they are currently.

"My advice is sit tight...I don't believe it's going to be long range or long term," said Mohs.

The Yale study also says automobile prices will increase as the president pauses some of those tariffs for now.

"Look at something to help some of the car companies with switching to parts that were made in Canada, Mexico and other places – and they need a little bit of time because they're going to make them here, but they need a little bit of time," President Trump said Monday in the Oval Office.

Next month, the president is expected to impose tariffs on microchips and pharmaceuticals. Yale also predicts that the unemployment rate will rise by .6% by the end of the year.

MORE: Read the study