Less than half of Trump 2024 voters, 46%, said they would support tariffs on China — one of America’s biggest trading partners — even if they lead to rising prices domestically. Around a third, 32%, said they would only support tariffs if they do not increase prices.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

President Trump announcing new tariffs of 30% on Mexico and the European Union to start on August 1. European trade ministers are meeting today after pausing their retaliatory tariffs that were supposed to start today.

The Home Depot co-founder said he had been worried that Trump would use his time in the Oval Office “to engage in retribution.”

The pause on the biggest of Trump's tariffs won't end this week, as planned, but the problems they present still loom large.

The president has earned a reputation for bluffing on tariffs. But he has steadily and dramatically raised U.S. tariffs, transforming global trade.