Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

The Trump administration is poised to implement a new wave of tariffs, potentially reaching 50% for certain nations, effective August 1st. This move underscores President Trump's strategy of using tariffs as leverage to secure international concessions and reshape global trade relations.

The European Union is currently negotiating a deal in which its products imported into the U.S. are tariffed at a 15% rate. That would be well below the 30% rate President Donald Trump announced earlier this month in a letter to the 27-member bloc.