Yet the market (as of July 11) isn't far off from its all-time high, and it doesn't seem to be poised for the same explosive sell-off that occurred in early April. Is the stock market underestimating Trump's tariffs?

President Donald Trump prides himself on being a dealmaker, but his negotiating style is more ultimatum than compromise. In the last week, Trump has slapped trading partnerswith tariffs rather than slog through prolonged talks to reach agreements.

This week, the president began sending letters to U.S. trade partners outlining what their proposed tariff rates will be.

US President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August.

President Donald Trump has announced a 30% tariff for both the European Union (E.U.) and Mexico, with the charges set to come into effect on Aug. 1.

While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April.

President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, but suggested that he was still open to additional negotiations and pushed off increased duties until at least Aug.

Leaders from both economies had been trying to negotiate more favorable terms, only to have those efforts blown up by form letters.

U.S. President Donald Trump issued new letters on Wednesday notifying countries of higher tariff rates as he continues his "America First" policies and reorders global trade.