Olu Sonola, the head of U.S. economic research at Fitch Ratings, said the economy was just “starting to see” the effects of the tariffs that Mr. Trump announced in the spring, adding that with Mr. Trump’s newest duties now in place, Americans would “see that magnified” in coming months.

New tariff rates on U.S. imports, initiated under President Donald Trump 's administration, came into effect on Thursday, marking a significant development in his reshaping of global trade. These measures include potential tariffs of up to 200% on pharmaceutical imports and a 100% import tax on computer chips.

The twists and turns in U.S. President Donald Trump's tariff policies have not only roiled global financial markets but also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he will hammer out bilateral deals with trade partners.