Trump announced a range of new tariffs on April 2, which he called "Liberation Day."The total effective tariff rate on Chinese goods now stands at 54%.Economists warned that uncertainty around the tariffs could strain consumers and businesses.

A 10% baseline tariff on all imports, with specific and higher tariffs on some countries, including 34% on China (on top of the existing 20% tariffs), 20% on the EU and as high as 46% and 49% on Vietnam and Cambodia respectively.