The U.S.-Chinese cease-fire left exporters with crippling tariffs, worsening a slowdown for light-industry factories caused by China’s shift to advanced manufacturing.

And it indicates that the fallout from Trump’s tariffs is starting to push up prices for American consumers, even before his most sweeping levies take effect. Inflation remaining stubborn even as the labor market cools will make the central bank’s task more difficult.

With President Donald Trump's dramatic tariff hikes on the cusp of starting, countries around the world scrambled on Thursday to finalize their trade frameworks with the United States, figure out the tax rates their goods might face and prepare for the unknown.

U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump's tariffs were justified by the president's emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.