President Donald Trump’s tariff announcements no longer cause the market gyrations that they did in 2025. But their sticker shock for American consumers is becoming increasingly clear – just as economic sentiment is souring ahead of the November 2026 midterm elections.
Many business groups had hoped that the tariff wars would end in February, when the Supreme Court overturned Trump’s emergency tariffs. They got a rude awakening five months later, however, when Trump announced a raft of new import taxes to replace the levies that were struck down.
