Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

Twelve U.S. states are challenging President Trump's tariffs, arguing misuse of the International Emergency Economic Powers Act to impose taxes on imports. A Manhattan court is examining if Trump's actions exceeded his authority.

U.S. Treasury Secretary Scott Bessent warned Sunday that some of America’s trading partners could soon face a sharp hike in tariff rates, and dismissed Moody’s downgrade of the U.S. government’s credit rating.