The developments came as China has struck a publicly defiant tone and Trump sowed confusion by claiming that he had spoken with Chinese President Xi Jinping, which Beijing denied.

Small businesses will have no choice but to raise prices, cut staff, delay growth plans or shut down entirely just to keep up with the rising costs of imports they can’t source domestically, one expert said.

President Donald Trump can't stop contradicting himself on his own tariff plans. He says he's on a path to cut several new trade deals in a few weeks — but has also suggested it's “physically impossible" to hold all the needed meetings.

Nobel Laureate Paul Krugman warns that President Trump's unpredictable and often reversed tariff policies are creating deep uncertainty, discouraging business investment and thus increasing the risk of recession.