The proposal is a blow to U.S. meat companies also facing tighter cattle supplies due to a halt of livestock imports from Mexico over New World screwworm, a flesh-eating pest spreading south of the border.

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.

President Trump is seeking to intervene in a political fight roiling Brazil, demanding the country drop its prosecution of former President Jair Bolsonaro or face a 50 percent tariff on

Amidst fluctuating markets and governmental reforms, President Trump's tariffs are influencing both consumer goods and federal operations. Used car prices have surged due to tariffs, the Treasury Department anticipates significant revenue from tariff collections,

Prices of clothing and shoes are expected to be particularly impacted by the tariffs, Yale University’s Budget Lab found.

Trump's tariffs may pose less threat to Asian markets than initially feared, wrote Goldman Sachs analysts. Tariffs may hurt markets, but if there's clear information about them, investors would feel less negative. North Asian markets face higher exposure, while Southeast Asia markets are less affected.

The major averages are coming off a choppy session as investors follow the latest trade headlines out of the White House.