In the wake of those “Liberation Day” tariffs, financial markets took fright. On April 9 the Trump administration hit pause: the “reciprocal” tariffs were deferred until July 9 and replaced by an across-the-board 10% tariff increase, with a handful of exceptions.

One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

But his tariffs threaten to tarnish it. Commerce Secretary Howard Lutnick declared on Tuesday that everything is hunky-dory with President Donald Trump’s Friday tariff deadline. “August 1 is the date that we’re setting all these rates,