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.

About 90 countries, including the European Union, are now facing tariffs of 15% or higher as President Trump's sweeping levies go into effect. Erica Brown reports.

President Donald Trump on Thursday imposed once unthinkably high U.S. taxes on imports from dozens of countries, part of his campaign to turn one of the world's most open economies into a fortress bristling with barriers to trade.