President Trump renewed threats that he may stick to his self-imposed July 9 deadline for making trade deals and issue new tariff levels to trading partners, forgoing another pause to "Liberation Day" duties.

Story by Marty Spargo • 13m. 1 / 14 ©Tennessee/Depositphotos

Europe could be at center stage as the Trump administration’s tariffs upend the global trading system, slashing Chinese imports to the U.S., a report from the McKinsey Global Institute finds. President Trump’s aggressive trade policy has sparked concerns about a recession and a painful unwinding of the globalization of recent decades that had expanded profit margins and kept prices low.

Trump’s unpredictable style has earned him the descriptor “TACO” for “ Trump Always Chickens Out ,” while businesses, economists, and investors have criticized him for creating a volatile business environment.

Key Takeaways President Donald Trump's 90-day pause on the "Liberation Day" tariffs expires on July 9.When the deadline passes, the U.S. could re-impose "reciprocal" tariffs on numerous countries, which would be a major drag on the economy.

The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said Tuesday.

Federal Reserve Chief Jerome Powell said it is premature to lower interest rates, citing the potential impact of tariffs.

U.S. Federal Reserve Chair Jerome Powell on Tuesday reiterated the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside President Donald Trump's demands for immediate and deep rate cuts.