Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

Higher "reciprocal" tariffs are expected to go into effect this Friday. A few trade deals could still be struck with trading partners before then, and sector-specific tariffs are next on President Donald Trump's agenda.