That new tariffs are on the way is less important than their final shape. The problem is, nobody seems to know what that will be.

Mexico did not face a new tariff on April 2, the day of Trump's so-called "Liberation Day" tariff rollout. There remains a 25% tariff on non-USMCA-compliant goods from Canada and Mexico, as well as a 50% tariff on steel, aluminum and derivative products.

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify

Trump and his aides have repeatedly shifted their stance on tariffs since the president’s “Liberation Day” announcement.

Canada faces another set of tariffs in its ongoing trade talks with the U.S. However, in this latest round of tariff announcements, investors have learned to largely tune them out as negotiating bluster rather than policy commitments.

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