When Trump paused his higher April 2 tariffs, he left in place a 10% charge on most trading partners. Separate levies on steel, aluminum and autos remain. And Trump has promised a range of new import taxes on copper, semiconductor chips, pharmaceutical drugs, lumber and aircraft parts — all of which could drive up the total effective tariff rate.

The recent trade policies under the Trump administration have led to the highest tariff rates faced by American consumers since 1909.

Stocks slumped on Friday after President Trump lobbed new tariff threats at the EU and Apple, reviving the trade anxiety that had gradually subsided over the past month.