Another is that tariffs on “intermediate” goods, such as raw materials used to make other things, affect consumer prices indirectly. Even service industries depend on imported goods—think of lawyers using smartphones or computers made abroad.

The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

China and the U.S. have agreed to more tariff talks amid a trade standoff and concerns over rare earths, President Donald Trump said Thursday after a call with China's leader. Trump and Chinese leader Xi Jinping spoke on Thursday at a time when stalled tariff negotiations between their two countries have roiled global trade.

A US federal appeals court decided on Thursday night that Trump's global tariffs can temporarily stay in place while it considers the White House's appeal against the trade court's judgement - but the future of the President's tariff agenda remains in the balance.

A court fight over President Donald Trump’s decision to end a US policy that exempted small-value packages from China from tariffs is moving ahead over the administration’s opposition.