Trump has touted the $125 billion in revenue his already-existent import taxes have brought in, with hundreds of billions more pledged by a handful of nations in the form of investments. Yet it’s come at the cost of slower economic growth and the prospect of already stubborn inflation reheating.

Numerous countries around the world are facing the prospect of much higher duties on their exports to the United States on Friday because they haven’t yet reached a trade deal with the Trump administration.