So far, however, there are signs of self-inflicted wounds to the U.S. as companies and consumers brace for the impact of the new taxes.

As negotiations between China the U.S. ended Tuesday. Treasury Secretary Scott Bessent said that “nothing is agreed until we speak with President Trump.” Trump and Chinese leader Xi Jinping may meet in person over the next few weeks.

President Donald Trump's sweeping new tariffs on dozens of nations went into effect early Thursday following months of delays and threats from the American leader.