President Trump on Wednesday said he would be sending letters to over 150 countries as he plans a barrage of duties to take effect Aug. 1, including levies on pharmaceutical imports and semiconductors.

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

Ultimately, the TACO trade may be coming to a close and will be a fun meme for us to remember. This time, I think tariffs will stick. Read the latest market analysis here.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

TSMC, the world's main producer of advanced AI chips, is expected to post a 52% jump in second-quarter profit to record levels on Thursday, though U.S. tariffs and a strong Taiwan dollar could weigh on its outlook.

Fareed Zakaria asks Bill Gates how damaging he thinks Trump’s tariffs are. Hear his response . 01:43 . Now playing

President Trump announced a slew of tariffs on imports last week, with a proposed 35% tariff on Canadian goods, including in the automotive sector, which could deeply affect American drivers. Trump announced the tariffs on Truth Social with screenshots of a letter sent to Canada’s prime minister,

Japan's exports fell for a second straight month in June, data showed on Thursday, underscoring the mounting strain that sweeping U.S. tariffs are placing on the country's fragile economy.