For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

Taken together, the impact of President Trump’s whirlwind six months back in office is showing up in the economy.The effect isn’t yet enough to derail the economy, which by many measures has weathered Trump’s trade wars much better than many on Wall Street and in Washington feared.