President Donald Trump warns of economic ruination if courts rule against his tariffs after the U.S. Court of International Trade blocks emergency import taxes.

President Trump would invoke other tariff authorities if his appeal of a trade court's ruling isn't successful, Commerce Secretary Lutnick said.

The so-called TACO trade will be tested as markets wait to see if Trump will actually follow through with his latest threat or if he will put it on hold soon.

President Donald Trump announced Friday that he would set tariffs on steel imported into the United States at 50%, double their current rate.

The president's plan - where countries face between 11% to more than 100% tariffs on goods brought into the US - was announced in April. But the majority of the tariffs were paused by Trump for 90 days in the wake of stock market volatility.

Wells Fargo's Christopher Harvey thinks a 10% tariff could be split evenly between importers, corporations, and consumers.

Hiking tariffs could increase costs for American consumers and manufacturers of a variety of products, such as cars and homes, that use steel.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

Amid court challenges, the White House asserts confidence in President Donald Trump's tariff strategy, emphasizing the administration's focus on maintaining fair trade practices.