Yet the president has slapped 25% duties on steel and aluminum, as well as cars, and a 10% tariff on nearly all other imports. And China, the United States’ third-largest trading partner, now faces a 145% duty on its exports.

U.S. stocks clawed back some of their early-day losses as a few pieces of favorable economic data gave reason for cautious optimism, but they were still down Wednesday afternoon.The Dow Jones Industrial Average had fallen 208 points,

A closely watched inflation gauge cooled last month in a sign that prices were steadily easing before most of President Trump’s tariffs were implemented. At the same time, consumers accelerated their spending,

Underlying economic growth remained solid in early 2025, but tariffs and uncertainty are expected to cause a further slowdown.

U.S. economy shrank 0.3% in Q1 2025, reversing the 2.4% growth seen in Q4 2024. Rising imports and falling government spending drove the GDP declin

The president denied that his tariffs had anything to do with the contraction, blaming the "Biden 'Overhang'."

Americans continue to grow uneasy about the economy as President Donald Trump wages an erratic trade war that could send US inflation rising and even trigger a recession.

A global trade war and inflation concerns have caused U.S. consumer confidence to reach its lowest level since May 2020, according to The Confidence Board.

The Conference Board's consumer confidence index declined to its lowest level in five years in April, marking five months of declines and reaching levels not seen since COVID.