The U.S. stock market has shown relief the tariff rates aren’t as high as Trump initially threatened in April and hope for a sense of stability going forward. Trump maintains the tariff revenues will whittle down the budget deficit and help whip up domestic factory jobs, all while playing down the risks of higher prices.

One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

If Trump’s authority to use IEEPA to set tariffs goes away, he has other powers to fall back on. There’s Section 232 of the Trade Expansio