One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

In the wake of those “Liberation Day” tariffs, financial markets took fright. On April 9 the Trump administration hit pause: the “reciprocal” tariffs were deferred until July 9 and replaced by an across-the-board 10% tariff increase, with a handful of exceptions.

A flurry of major economic news over the coming days will provide a barometer of the U.S. economy as President Donald Trump's tariffs steer the nation toward a trade policy untested in recent history.