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.

Finding it hard to track the latest U.S. trade policy state of play? Here's a look the deals the president has announced and the several rounds of proposed rates he's so far threatened to impose.

The 50 per cent tariffs President Donald Trump imposed on Brazil last week are among the highest he has applied on any country thus far in his trade wars. The reason had nothing to do with Brazil’s trade policies.