While the varied "reciprocal" tariffs announced last week are on pause, universal 10% tariffs and sector-specific import taxes could still have major effects on the economy.

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,