Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.

The Brief. President Donald Trump said Sunday the U.S. will delay implementation of a 50% tariff on goods from the European Union. The tariffs were set to begin June 1, but are delayed to July 9 ...

Mexico did not face a new tariff on April 2, the day of Trump's so-called "Liberation Day" tariff rollout. There remains a 25% tariff on non-USMCA-compliant goods from Canada and Mexico, as well as a 50% tariff on steel, aluminum and derivative products.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The tariff drama arrives just days after Trump struck a similar 15% tariff agreement with Japan, signaling a potential shift in how his administration plans to handle trade policy going forward.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

Donald Trump is betting that tariffs rather than sanctions will fix economic and geopolitical imbalances. But does the threat of rising US inflation and retaliation make sanctions a safer choice?