And Trump and his administiration have stressed that tariffs can bring jobs back to the U.S. while generating revenue that can pay down the U.S. debt or end up in taxpayers' pockets.

President Trump’s tariff rollout has taken numerous twists and turns since launching earlier this year. The stakes are climbing ahead of Aug. 1, Trump’s self-imposed deadline for reaching trade deals.

The U.S. is set to impose new tariff rates on trading partners Friday when the deadline President Donald Trump set for countries to negotiate rates with the U.S. expires—with only nine countries announcing agreements with the Trump administration, far short of its goal of 90 deals in 90 days.